When the financial crisis struck the United States in 2008 and 2009, there was a lot of talk about fraud and how it had contributed to the collapse. To try to combat this issue, the president made the Financial Fraud Enforcement Task Force. It came about in November of 2009.
The task force had two main focuses. First, it was noted that people were probably going to try to find a way to profit off of the recovery. If they tried to take advantage of what was happening for their own financial gain—through fraud and other illegal means—the task force would search them out.
The second focus was simply to look at what had happened to cause the crash in the first place. The task force could then look for similar things in the future to keep a second recession from happening.
The task force is so big that no other, larger coalition has ever been created to fight fraud. There are not only federal agencies, but state-level partners as well.
The definition of financial fraud is fairly wide-ranging, and the task force looks for all of it. Mortgage scams are a big one, as mortgage issues largely led to the last recession, but the task force will also look for Ponzi schemes, predatory lending, procurement fraud and much more.
Because of this crack-down effort, the government under the current leadership has been very attentive to fraud and is always looking into financial matters. Those who are accused of breaking the law do have many rights, though, and it’s important for them to know about all of their legal options in Maryland. Visit our site today to learn more.