Since its establishment by Executive Order in 2002, the Presidentís Corporate Fraud Task Force has worked hard to hold wrongdoers responsible and to restore an atmosphere of accountability and integrity within corporations across the country. Relying both on traditional investigative techniques and on new tools made available by the Congress at the request of the President, the Task Force has punished corporate malfeasance and encouraged corporate transparency and self-regulation.
The Task Force combines the talents and experience of thousands of investigators, attorneys, accountants, and regulatory experts. Ten federal departments, commissions, and agencies are involved with the Task Force, in addition to seven.
U.S. Attorneysí Offices and two Divisions within the Justice Department. This commitment of resources and expertise reflects the Governmentís resolve to combat corporate fraud and to foster an environment in which ethical and honest corporate conduct is encouraged and promoted.
Members of the President's Corporate Fraud Task Force
Embracing its historic enforcement role, and The Department of Justice seeks to safeguard the integrity of the commercial and financial markets. The Department is uniquely situated to enforce the laws against business organizations and their directors, officers, employees and professional advisors where fraudulent activity has been committed. Such illicit activity can have significant effects on the organizationís employees, pensioners, shareholders, creditors, customers, and the general public. Taxpayers rightfully deserve accountability for corporate wrongdoing, and as a result, the Department of Justice has deemed enforcement against corporate fraud as among its highest priorities.
Corporate fraud includes criminal and civil violations relating to securities and commodities fraud, financial institution (bank) fraud, money laundering, tax offenses, and bribery of foreign officials. For example:
- Falsification of corporate financial information including false/fraudulent accounting entries, bogus transactions designed to artificially inflate revenue, overstating assets, earnings, and profits, or understating/concealing liabilities and losses, and evasion of regulatory oversight
- Self-dealing by corporate insiders including insider trading, kickbacks, misuse of corporate property for personal gain, and individual tax violations related to self-dealing
- Fraud in connection with mutual or hedge funds including late trading, market-timing schemes, falsification of net asset values, and abusive trading practices by, within, or involving a mutual or hedge fund and
- Conduct involving obstruction of justice, perjury, witness tampering, and other obstructive behavior.