Press Release

For Immediate Release
May 22, 2008

Washington D.C.
FBI National Press Office
(202) 324-3691

FBI Issues Financial Crimes Report

Today the Federal Bureau of Investigation released the Financial Crimes Report to the Public, Fiscal Year 2007. The report discusses corporate fraud, securities and commodities fraud, health care fraud, mortgage fraud, insurance fraud, mass marketing fraud, and asset forfeiture/money laundering.

“Financial crimes affect the economic security of millions of Americans, and the FBI is dedicated to working with our partners in industry and law enforcement to combat these offenses,” said Assistant Director Kenneth W. Kaiser, FBI Criminal Investigative Division. “This report provides tips to help citizens recognize fraud schemes and protect themselves from falling victim to financial crimes.”

Some key findings presented in the report include:

  • As of the end of Fiscal Year (FY) 2007, 529 corporate fraud cases were being pursued by the FBI, several of which involve losses to public investors that individually exceed $1 billion.
  • FBI securities and commodities fraud cases increased from 937 in FY 2003 to 1,217 in FY 2007, and resulted in $24 million in recoveries, $1.7 billion in restitution orders, and $202.7 million in fines in FY 2007.
  • Through FY 2007, the 2,493 health care fraud cases investigated by the FBI resulted in 839 indictments and 635 convictions of health care fraud criminals.
  • The 1,204 pending mortgage fraud cases in FY 2007 resulted in 321 indictments, 206 convictions, $595.9 million in restitution orders, and $21.8 million in recoveries.
  • The FBI investigated 548 money laundering cases in FY 2007, resulting in 141 indictments, 112 convictions, $66.9 million in restitution orders, $2.2 million in recoveries, and $11.4 million in fines.

Read the entire report on our website. While there, sign up for e-mail alerts to ensure you receive the latest information about the FBI.

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