Financial Crisis
FBI Probes 530 Corporate Fraud Cases; 38 Are Tied to the Financial Crisis
Posted Feb 11, 2009, 10:50 am CST
By Debra Cassens Weiss
The FBI is investigating 530 cases of corporate fraud, including 38 cases directly related to the financial crisis.
FBI Deputy Director John Pistole revealed the figures in testimony today to the Senate Judiciary Committee, the Associated Press reports. Neil Barofsky, the inspector general for the federal bailout program, said his office has also opened several criminal probes, Reuters reports.
Pistole said the increasing caseload is straining FBI resources. Judiciary Committee Chairman Patrick Leahy has proposed legislation to hire more investigators and prosecutors and to toughen financial crime laws. The Justice Department supports the legislation.