• Home
  • About
  • Webcasts
  • ‘Enforcement 40’ for 2020
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Ankura 480x60
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2009 / February / 03 / DOJ, FBI Officials Say Barrage of “Perp Walks” Coming in 2009

DOJ, FBI Officials Say Barrage of “Perp Walks” Coming in 2009

By Securities Docket on February 3, 2009, 8:55 am

Matthew Tannin, Bear Stearns

To date, the financial crisis has resulted in high-profile “perp walks” in just two cases: the two Bear Stearns hedge fund managers charged with securities fraud, and the two Credit Suisse brokers also charged with securities fraud in selling ARS.  That is about to change, top law enforcement officials told Fox Business News.

A DOJ official tells Fox Business News that 2009 will be a “bonanza year” for arrests. David Cardona, head of the FBI’s criminal division in New York City, stated that the FBI is “looking at all market participants from top to bottom who helped construct” potentially fraudulent loans and asset-backed securities, wherever the evidence leads the agents.   Cardona leads 400 agents who handle criminal cases.

Fox reports that the FBI has already launched 26 investigations into major Wall Street firms and investment banks, including Bear Stearns, Credit Suisse, Fannie Mae, Freddie Mac, Lehman Brothers, and American International Group.  The mortgage loan fraud caseload alone is about 1,700 cases, with the SEC also pursuing more than 50 pending civil investigations in the subprime area.

Read the Fox Business News article

Blog Widget by LinkWithin

Posted in Criminal | Tagged Arrests, Features, Subprime

« Previous Next »

‘Enforcement 40’ for 2020

Securities-Docket_Medium-Rectangle_CaseStudyArrow

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2021 Securities Docket.

Powered by WordPress and Hybrid.