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Washington - Justice Department Announces Task Force To Deter Fraud, Avoid 'piling On'

Published on: July 11, 2018 11:33 PM
By: Reuters 
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Washington - U.S. Justice Department officials on Wednesday announced the establishment of an anti-fraud task force intended to deter fraud and coordinate investigations to avoid “piling on,” where multiple agencies probe the same alleged misconduct.

The task force brings together the Justice Department and U.S. attorneys offices, the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB) and Securities and Exchange Commission (SEC), said Deputy Attorney General Rod Rosenstein, who made the announcement along with the heads of the three agencies.

Rosenstein told reporters at a press conference the task force would focus on procurement and grant fraud, securities and commodities fraud, digital currency fraud, money laundering, healthcare fraud and tax fraud.

“The goal is to discourage ‘piling on’, and instead coordinate with local, state, federal and foreign authorities to achieve a joint result that imposes appropriate punishment without prolonging investigations,” he said, noting a policy announced in May to encourage better cooperation among government agencies

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In a client note in May, the law firm Davis, Polk and Wardell LLP said avoiding multiple investigations for the same conduct “will likely prove beneficial to institutional clients in highly regulated industries, many of which frequently face simultaneous investigations by multiple agencies and potentially duplicative penalties.”

Rosenstein also said agencies would try to identify problem areas to better target resources. “Our goal is not to prosecute fraud; our goal is to deter fraud,” he added.

The CFPB was conceived after the 2007-09 financial crisis to stamp out abusive lending, while the SEC investigates scams targeting retail investors. The FTC pursues consumer fraud based on its mission to probe “deceptive acts or practices.”



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Read Comments (6)  —  Post Yours »

1

 Jul 12, 2018 at 02:55 AM Educated Archy Says:

Our president making the govt more Lean . Thanks

2

 Jul 12, 2018 at 08:41 AM shimonyehuda Says:

better for business bad for individual people.

3

 Jul 12, 2018 at 08:45 AM yamsar Says:

Reply to #1  
Educated Archy Says:

Our president making the govt more Lean . Thanks

This is Obama’s credit.

4

 Jul 12, 2018 at 01:25 PM Anonymous Says:

Reply to #3  
yamsar Says:

This is Obama’s credit.

You must have been asleep for the last two years. News flash: Obama is no longer credit, and can take credit for zilch.

5

 Jul 12, 2018 at 02:13 PM Esther Says:

Reply to #2  
shimonyehuda Says:

better for business bad for individual people.

It's better for consumers,not so much those who'd scam us.

6

 Jul 12, 2018 at 09:43 PM Anonymous Says:

Reply to #4  
Anonymous Says:

You must have been asleep for the last two years. News flash: Obama is no longer credit, and can take credit for zilch.

He can take credit for the huge increase in healthcare premiums thanks to his failed Obamacare

7

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