Fraudulence Costing $10.5 Billion Uncovered By Operation Broken Trust

Operation Broken Trust is a federal investigation into widespread fraudulence perpetrated by criminals taking advantage of the financial crisis. In a press conference Monday, the Justice Department announced that Operation Broken Trust has resulted in criminal and civil charges against more than 500 individuals. Operation Broken Trust cases involved thousands of victims who were cheated to the tune of $10.5 billion. Article resource - Operation Broken Trust nails 500 con artists for investment fraud by Money Blog Newz.
Making fraudulence with Operation Broken Trust national
Obama's administration was behind the Operation Broken Trust. The Financial Fraud Enforcement Task Force did it. At a news conference Monday, Attorney General Eric Holder said the three-and-a-half-month investigation is the first nationwide operation to combat investment fraudulence strategies that victimize the general public. There are 189 people getting civil suits while 343 individuals face criminal charges. Eighty-seven individuals have already received prison sentences. A few defendants got long sentences. They were 20 years. Eighty five years was given to one person. That was the longest.
Vulnerable citizens get cheated
The investigation by Operation Broken Trust involved 120,000 cases. Market-manipulation, investment scams, foreign currency fraud and Ponzi schemes were all investigated by them. Holder said the fraudsters targeted communities, churches, immigrants, the elderly and the disabled. The Justice Department explained that neighbors would set each other up. This was especially true of church members. A man in TX ripped off others in his church by telling them his lucrative foreign exchange trades were a "blessing from God.". One cop stole from fellow police officers. This was a Ponzi scheme being done. Other victims included a blind man and a bereaved family.
Lessons from Operation Broken Trust
It was not just one business that wanted the Operation Broken Trust to happen. The Exchange Commission, the Justice Department, the Commodity Futures trading Commission and the United States USPS all wanted it. There have been hundreds of other scams that have hurt families and retired people other than the Wall Street financial institution which is what Robert Khuzami of the SEC said. There's a lesson that Holder claims could be realized by Operation Broken Trust. He said that "Cheating investors out of their earnings and savings is no longer a safe business plan." He also warned the public to be alert for scams, take measures to protect themselves and report to authorities when they think something fishy is going on.
Data from
Wall Street Journal
online.wsj.com/article/SB10001424052748704156304576003392063619546.html?mod=googlenews_wsj
Los Angeles Times
latimesblogs.latimes.com/money_co/2010/12/investment-fraud-financial-crimes-operation-broken-trust-justice-department-fbi-.html
Washington Post
washingtonpost.com/wp-dyn/content/article/2010/12/06/AR2010120603152.html?hpid=topnews

By: Anne Thomas1

Article Directory: http://www.articledashboard.com

Article source - Operation Broken Trust nails 500 con artists for investment fraud by Money Blog Newz.