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Financial Fraud Law

FBI Seeking Higher Budget To Target Financial Fraud And Mortgage Fraud

 The FBI wants to do more to investigate financial fraud and mortgage fraud - and it wants a higher budget to do so. The FBI's fiscal year 2013 budget request seeks an increase totaling $15 million and 44 positions (40 special agents and four forensic accountants) for financial fraud and mortgage fraud investigations.

FBI Director Robert S. Mueller, III, justified this request to a House Committee by explaining that:
 
-In FY 2011, the FBI had about 3,000 pending mortgage fraud investigations—compared to approximately 700 investigations in FY 2005.
-Nearly 70 percent of the FBI’s pending investigations involve losses of more than $1 million.
-The number of FBI special agents investigating mortgage fraud cases has increased from 120 in FY 2007 to 332 special agents in FY 2011.
-At the end of FY 2011, the FBI had more than 2,500 active corporate and securities fraud investigations, representing a 47 percent increase since FY 2008.
 
We here at the Financial Fraud Law Blog and the Financial Fraud Law Report certainly expect that the increase will be granted. It also is quite clear that whether that occurs or not, there will be many, many more financial fraud and mortgage fraud investigations coming from the FBI in the future.
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