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The Huffington Post
November 16, 2011

Federal Prosecution Of Financial Fraud Falls To 20-Year Low, New Report Shows
By Alexander Eichler

Public mistrust for banks may be at an all-time high, but federal prosecution for certain financial crimes is down to a 20-year low. The federal government is on track to file just 1,365 prosecutions for financial institution fraud in fiscal year 2011, according to a new report from a watchdog group. That would be the lowest number of such prosecutions in at least two decades. The report, from the Transactional Records Access Clearinghouse at Syracuse University, comes at a time when the protest movement known as Occupy Wall Street has gained nationwide visibility -- and no small degree of public support -- by criticizing what its members see as a close relationship between big banks and the federal government. David Burnham, a co-director of TRAC, told The Huffington Post that the fall-off in financial fraud prosecutions most likely does not reflect a fall-off in financial fraud itself. "The fact that prosecutions go up or down is almost never an indication of whether that particular crime is going up or down," Burnham said.

Transactional Records Access Clearinghouse, Syracuse University
Copyright 2011
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