FBI Releases Financial Crimes Report, Including Insurance Fraud

The FBI last week released the “Financial Crimes Report to the Public Fiscal Year 2007,” in which the bureau announced that it investigated 209 cases of insurance fraud resulting in 39 indictments and 47 convictions of insurance fraud criminals. Additionally, the report showed that the FBI's investigations resulted in $27.2 million in restitutions and $427,000 in fines related to insurance fraud.  
 
The report also discusses corporate fraud, securities and commodities fraud, health care fraud, mortgage fraud, mass marketing fraud, and asset forfeiture/money laundering.  
 
“Financial crimes affect the economic security of millions of Americans, and the FBI is dedicated to working with our partners in industry and law enforcement to combat these offenses,” said Kenneth W. Kaiser, assistant director of the FBI Criminal Investigative Division. “This report provides tips to help citizens recognize fraud schemes and protect themselves from falling victim to financial crimes.”  
 
Some other key findings presented in the report include:  
 
* As of the end of Fiscal Year (FY) 2007, 529 corporate fraud cases were being pursued by the FBI, several of which involve losses to public investors that individually exceeded $1 billion.  
 
* FBI securities and commodities fraud cases increased from 937 in FY 2003 to 1,217 in FY 2007, which resulted in $24 million in recoveries, $1.7 billion in restitution orders, and $202.7 million in fines in FY 2007.  
 
* Through FY 2007, the 2,493 health care fraud cases investigated by the FBI resulted in 839 indictments and 635 convictions of health care fraud criminals.  
 
* The 1,204 pending mortgage fraud cases in FY 2007 resulted in 321 indictments, 206 convictions, $595.9 million in restitution orders, and $21.8 million in recoveries.  
 
* The FBI investigated 548 money laundering cases in FY 2007, resulted in 141 indictments, 112 convictions, $66.9 million in restitution orders, $2.2 million in recoveries, and $11.4 million in fines.