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Obama Creates Fraud Task Force

President Obama creates Financial Fraud Enforcement Task Force to prosecute financial crimes.

The Treasury Department revealed today that President Barack Obama has created the interagency Financial Fraud Enforcement Task Force to prosecute financial crimes alongside state and local agencies and prevent another “meltdown” through coordinated government action. Serving to unveil the task force were Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development Secretary Shaun Donovan, and Securities and Exchange Commission Chairwoman Mary Schapiro.

The new group will be led by the Department of Justice with help from the Treasury, SEC, and HUD, and will be composed of senior officials from over 20 government agencies, including, but not limited to. the FBI, CFTC, FDIC. The group replaces the Corporate Fraud Task Force, which was created in 2002.

Click here to read the full release from the Treasury.

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