Tuesday, May 17, 2005

FINANCIAL CRIMES REPORT TO THE PUBLIC

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(click) for FBI report

Excerpt:
The mission of the FCS is to oversee the investigation of financial fraud and to facilitate the forfeiture of assets from those engaging in federal crimes. The FCS is divided into four units: the Economic Crimes Unit, Health Care Fraud Unit, Financial Institution Fraud Unit, and the Asset Forfeiture/Money Laundering Unit.

The Economic Crimes Unit is responsible for significant frauds targeted against individuals, businesses and industries to include: corporate fraud, insurance fraud (non-health care related), securities and commodities fraud, telemarketing fraud, Ponzi schemes, advance fees schemes, and pyramid schemes.

The Health Care Fraud Unit oversees investigations targeting individuals and/or organizations who are defrauding the public and private health care systems. Areas investigated under health care fraud include: billing for services not rendered, billing for a higher reimbursable service than performed (upcoding), performing unnecessary services, kickbacks, unbundling of tests and services to generate higher fees, durable medical equipment fraud, pharmaceutical drug diversion, outpatient surgery fraud, and internet pharmacy sales.

The mission of the Financial Institution Fraud Unit is to identify, target, disrupt, and dismantle criminal organizations and individuals engaged in fraud schemes which target our nation's financial institutions. Areas investigated in the financial institution fraud arena include: financial institution failures, insider fraud, identity theft, check fraud, counterfeit negotiable instruments, check kiting, loan fraud, and mortgage fraud.

The Asset Forfeiture/Money Laundering Unit promotes the strategic use of asset forfeiture and ensures field offices employ the money laundering violation in all investigations, where appropriate, to disrupt and/or dismantle criminal enterprises. The term, "follow the money," leads to the identification of assets which can be forfeited and lead to the effective and efficient disruption and dismantling of illegal money laundering apparatuses.

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