Beverly Hills 11/18/2009 2:38:00 AM
News / Business

Obama Administration Launches New Financial Fraud Task Force

Finance World News Update by EQUITIES Magazine

The Obama administration is stepping up its pursuit of financial fraud, forming a new task force target financial fraud to replace the earlier one on corporate fraud.

 

The new group will have a wider scope as well as incorporating state investigators and federal agencies to investigate and prosecute financial crimes that worsened the market collapse, said Attorney General Eric Holder.

 

The task force being replaced was created by the Bush administration in 2002 after the WorldCom, Enron and Adelphia corporate scandals.

 

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