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FBI Releases Financial Crimes Report

Staff Reports

The FBI has seen an increase in insider trading cases and an increase in involvement of organized crime groups in healthcare fraud schemes, among other trends identified in the FBI’s “State of Financial Crime” report released on Monday.

The report, which covers the period from October 1, 2009, to September 30, 2011, explains dozens of fraud schemes, outlines emerging trends, details FBI accomplishments, and offers tips on protection against these crimes.

Financial crime investigations led to more than 3,000 convictions and more than $12 billion in court ordered restitution, the FBI said at a press conference on Monday. Securities and commodities fraud accounted for 394 convictions and $8.8 billion.

The FBI makes corporate fraud one of its highest criminal priorities, according to the report. In FY 2011, 242 indictments resulted in 241 convictions. Most of the crimes involved schemes to try and hide the true condition of a corporation, but the increase of insider trading cases is on the rise, according to the report.

Healthcare schemes resulted in 1,676 indictments and 736 convictions. The FBI saw a trend of criminals billing for services not provided, medically unnecessary services, and upcoding of services and equipment. “We’ve seen increasing involvement of organized criminal groups in many of these schemes,” the Bureau says.

The report also introduces two initiatives to support efforts against financial crime: the Forensic Accountant Program, which ensures that financial investigative matters are conducted with the high-level expertise needed in an increasingly complex global financial system; and a Financial Intelligence Center, which provides tactical analysis of financial intelligence data, identifies potential criminal enterprises, and enhances investigations.

The FBI also released online videos and audio from  undercover investigations. 

Read the complete FBI Financial Crimes Report to the Public at fbi.gov.


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