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Obama Administration Establishes New Task Force to Combat Financial Fraud Crimes

The government has established a new task force called the Financial Fraud Enforcement Task Force which is designed to investigate and prosecute major financial crimes, according to a Department of Justice press release. The agencies that are part of the new task force will focus primarily on the areas of mortgage fraud, securities fraud and corporate fraud. The task force is a collaboration of a variety of different agencies that work in those fields including the Department of Justice, the Department of Labor, the Securities and Exchange Commission, the FBI and many others along with state and local law enforcement agencies as well.

Although a similar task force was created in 2002 (which was replaced by this one), the logical result of this will be more investigations and prosecutions of so-called white collar crimes, particularly in the area of mortgage fraud. Florida is commonly seen as one of the states, if not the state, with the highest number of mortgage fraud complaints and investigations.