Wednesday, February 23, 2005

FBI Opening Three to Six New 100 Million Dollar Corporate Fraud Cases Every Month

Maybe Sarbanes-Oxley isn’t haven’t very much of an impact. In testimony delivered before the Senate Intelligence Committee last week, Robert S. Mueller III, the director of the Federal Bureau of Investigation (FBI), said that the FBI is pursuing 334 corporate fraud cases throughout the United States, a more than 100 percent increase over last year. Eighteen of those cases involved losses to the public which exceed $1 billion, Mueller said.

“Unfortunately, the volume of cases has yet to reach a plateau, and the FBI continues to open three to six new cases each month – each case averaging a loss exceeding $100 million,” Mueller said.

Mueller placed corporate and securities fraud down his list of major priorities – coming in tenth on a list of fifteen. The major priorities list was headed by counterterrorism and counterintelligence.

FBI Opening Three to Six New 100 Million Dollar Corporate Fraud Cases Every Month

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