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Washington - Justice Dept Vows Focus on White Collar Crime |
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Federal authorities tapped phones to help unearth an insider trading ring that includes the Galleon Group hedge fund, other fund managers, Silicon Valley executives, traders and lawyers.
Prosecutors have alleged $40 million of insider trading profits from their investigation so far. The Securities and Exchange Commission has alleged $53 million in illegal profits from its own civil investigation.
"We have become more aggressive. I also think we have become and we will continue to become more collaborative," said Lanny Breuer, a senior Justice Department official who oversees criminal prosecutions.
"It is both aggressive in trying to use whatever tools we have to identify wrongdoing," he said one day after his agency, the SEC and the FBI announced dozens of new charges in the hedge fund insider trading scandal.
Breuer said the use of wire taps have and will prove to be effective. "I think it's essential," he said at a Practising Law Institute securities conference in New York.
The Justice Department is also creating partnerships as it could with states, regulators and other authorities. He said he was considering embedding lawyers from other agencies such as the Commodity Futures Trading Commission within his department.
"With limited resources, it seems to me the more people we can bring into our family, so to speak, so we can hold those accountable, we ought to do just that," he told reporters on the sidelines of the conference.
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Read Comments (8) — Post Yours »
1
Nov 07, 2009 at 11:19 PM Anonymous Says:
Was the justice department ad in the Forward and Hamodia classifeid employment section earlier this week seeking yiddish speaking translators just a conincidence??
2
Nov 08, 2009 at 07:54 AM tell Says:
aftor, many years of fraud, in wall street, he decided to take action, I think the peaple shoulld wire tape your agancy, your agancy does zilch,
3
Nov 08, 2009 at 07:46 AM pust Says:
er hut zich ofgavakt.
4
Nov 08, 2009 at 07:45 AM gevald Says:
A Chorban this can't be good there isn't a person out there who hasn't cheated the Gvmnt somehow even just inflating deduction or an exemption on a tax return
5
Nov 08, 2009 at 08:54 AM Anonymous Says:
They can't fight terrorism so let them pretend they're doing something by harassing businessmen who everyone is jealous of anyway. They'll go too far and it will become another McCarthy fiasco.
6
Nov 08, 2009 at 08:31 AM Anonymous Says:
“ A Chorban this can't be good there isn't a person out there who hasn't cheated the Gvmnt somehow even just inflating deduction or an exemption on a tax return ”
They are going to make a good start beginning next month (just before yom tov) when the "amnesty period" expires and they will bring criminal tax evasion charges against approximately 3200 high net worth individiuals with offshore bank accounts in Switzerland and Bermuda who had not been reporting them for tax evasion purposes. They were notified back in Septemeber and given 90 days to report and file. Most have not done so and will be charged with tax evasion and fraud. Every dollar they recover from these cheats is one dollar less in taxes the rest of us have to pay.
7
Nov 08, 2009 at 09:53 AM Anonymous Says:
“ They can't fight terrorism so let them pretend they're doing something by harassing businessmen who everyone is jealous of anyway. They'll go too far and it will become another McCarthy fiasco. ”
These are the early signs of communism.
8
Nov 08, 2009 at 01:40 PM Anonymous Says:
This is going to kill the economy. This is what differentiates us from European countries. It stifles the economy where people are always afraid that big brother is behind you.
This is also going to lead to an invasion of our privacy with an excuse to fight white collar crime. Democracy has really changed in the last 10 years.