This is the real reason the 1% hate Obama. Unlike BushCo, Obama and Holder, along with the FBI are busting these criminals right and left. Crime has paid for too long. We have to end the corruption in America.
Stop Fraud is a great resource for Holders & Obama's successes: www.stopfraud.com
Keep in mind, Lanny Breuer is the DOJ Assistant Attorney General that Issa wanted Eric Holder to have resign. Very telling, Mr. Issa, very telling.*
WASHINGTON—Three former executives of Fair Financial Company, an Ohio financial services business, were found guilty for their roles in a scheme to defraud approximately 5,000 investors of more than $200 million, Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division; Joseph H. Hogsett, U.S. Attorney for the Southern District of Indiana; and Special Agent in Charge Robert Holley of the FBI in Indiana announced today.It's not the first Financial Fraud conviction, either.
Following an eight-day trial, a federal jury in the Southern District of Indiana returned its verdict late yesterday. Timothy S. Durham, 49, the former chief executive officer of Fair, was convicted of one count of conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud. James F. Cochran, 56, the former chairman of the board of Fair, was convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud. Rick D. Snow, 48, the former chief financial officer of Fair, was convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
“Mr. Durham and his co-conspirators used lies and deceit as their business model,” said Assistant Attorney General Breuer. “They duped investors into thinking they were running a legitimate financial services company and misled regulators and others about the health of their failing firm. But all along, they were lining their pockets with other people’s money. The jury held them accountable for their crimes, and they each now face the prospect of significant prison time.”
“No matter who you are, no matter how much money you have, no matter how powerful your friends are, no one is above the law,” U.S. Attorney Hogsett said. “The office of the United States Attorney will not stand idly by to allow a culture of corruption to exist in this community, this state, or this country. The decision made in this courtroom sends a powerful warning that if you sacrifice the truth in the name of greed, if you steal from another’s American dream to try to make your own, you will be caught.”
You can view the pages of Million Dollar Fraud Schemes at the FBI's website. Click here.
Below are a few examples of just how sick and wrong the criminal minds work, proving that the FBI and the DOJ MUST be given the resources to stop these Million Dollar Fraudsters.
But first, we must look at another IRRESPONSIBLE TACTIC used by the Bush Administration. The FBI Whitecollar Crime Division was gutted by BushCo, resulting in the near destruction of the World's Economy!
Again, the Bush Administration gutted the White Collar Crime Division after 911.RECENT EXAMPLES OF FBI'S SUCCESS:
The bureau slashed its criminal investigative work force to expand its national security role after the Sept. 11 attacks, shifting more than 1,800 agents, or nearly one-third of all agents in criminal programs, to terrorism and intelligence duties.This is what less government can look like. So, mention this to your Ron Paul supporter friends, k? Without the help of FBI Whitecollar Investigators, the fraudsters are free to rampage.
Prosecutions of frauds against financial institutions dropped 48 percent from 2000 to 2007, insurance fraud cases plummeted 75 percent, and securities fraud cases dropped 17 percent.
More from the NYtimes:During these years, the bureau asked for an increase of $800 million, but received only $50 million more.Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:
In the 2007 budget cycle, the F.B.I. obtained money for a total of one new agent for criminal investigations.
In 2004, one senior F.B.I. official, Chris Swecker, warned publicly that a flood of fraudulent mortgage deals had the potential to become “an epidemic.”
Yet the next year, as public warnings about fraud in the subprime lending markets began to approach their height, the F.B.I. had the equivalent of only 15 full-time agents devoted to mortgage fraud out of a total of some 13,000 agents in the bureau.
That number has grown to 177 agents, who have opened 1,522 cases. But the staffing level is still hundreds of agents below the levels seen in the 1980s during the savings and loan crisis.
The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.
This helps explain why many of the FBI and DOJ cases now being addressed are for crimes committed WHEN THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.
NOW THE PROSECUTIONS ARE BEGINNING TO ROLL OUT! Slowly. And the CEOs of the TBTFs appear to be teflon, but we can still hope.
“It almost defies the imagination to believe that someone would use millions of dollars in Medicare and Medicaid money to buy real estate for hotels and a house while his elderly and defenseless nursing home residents went hungry and lived in filth and mold,” said United States Attorney Sally Quillian Yates. “We will continue to aggressively protect our most vulnerable citizens and hold accountable those who prey on the elderly and steal precious healthcare dollars.”$100 Million Fraud Scheme
Mollie Halpern: Five men who defrauded the elderly and others out of their life savings are now behind bars.Superseding Indictment Filed in $670 Million Fraud Scheme
Sherri Onks: You cannot lie to people to get their money, and that is exactly what they did.
Halpern: I’m Mollie Halpern of the FBI, and you’re listening to Gotcha. Conspirators at A&O Resource Management Ltd, a life settlement company, lied to investors about the safety of their funds. Special Agent Sherri Onks…
Onks: They essentially marketed the product as a guaranteed, no risk investment which there isn’t an investment out there that is guaranteed with no risk.
Halpern: About 800 people across the U.S. and Canada were cheated out of $100 million dollars while the conspirators lived lavish lifestyles.
Onks: Very nice houses and very nice cars.
Halpern: Conspirators tried to deceive investigators by making it appear they sold the company while they were still actually running it.
The superseding indictment alleges that from 2004 through 2010, PCI sold approximately $670 million of bonds to life settlement investment companies located in various countries, including the United States, the Netherlands, Germany, Canada, and elsewhere. PCI’s clients, in turn, sold investment offerings backed by PCI’s bonds to thousands of investors around the world. Purchasers of PCI’s bonds were allegedly required to pay up-front payments of 6 to 11 percent of the underlying settlement as “premium” payments to PCI before the company would issue the bonds.* OH, AND MR. ISSA, not to change the subject, but here is the timeline for Fast & Furious. Please note, Mr. Issa, that the gun walking began under President Bush. In fact, you voted for it.
At the time, under the Bush administration Department of Justice (DOJ), no arrests or indictments were made.Mr. Issa, as the richest member of Congress, I find it hard to believe that your ability to clearly analyze an issue is this flawed.
After President Barack Obama took office in 2009, the DOJ reviewed Wide Receiver and found that guns had been allowed into the hands of suspected gun traffickers.
Indictments began in 2010, over three years after Wide Receiver concluded.
As of October 4, 2011, nine people had been charged with making false statements in acquisition of firearms and illicit transfer, shipment or delivery of firearms.
As of November, charges against one defendant had been dropped; five of them had pled guilty, and one had been sentenced to one year and one day in prison. Two of them remained fugitives.
CHARTS SHOWING THE INCREASE IN TAKING DOWN THE CRIMINALS
THE IMPROVEMENTS ARE EASY TO SEE:
In 2011, mortgage loan originations were at their lowest levels since 2001. This can be partially attributed to tighter underwriting standards following the financial crisis
FBI Response: With elevated levels of mortgage fraud, the FBI has continued to dedicate significant resources to the threat.
The FBI has increased the number of agents who investigate mortgage fraud cases from 120 special agents in FY 2007 to 325 special agents in FY 2011.
These needs improvement, but again, there are limited personnel resources to cover the widespread corruption we are seeing these days.
More resources are needed to pursue insurance fraud, imo.
During FY 2011, 140 cases investigated by the FBI resulted in 19 indictments/informations, 13 arrests, and 21 convictions of insurance fraud criminals.