The Department Announces Departure of Financial Fraud Enforcement Task Force Executive Director Michael Bresnick
The Justice Department announced today that the Executive Director of the Financial Fraud Enforcement Task Force (FFETF) Michael Bresnick will be leaving the department on Thursday, August 1, 2013. Bresnick has served as Executive Director of the FFETF since October 2011.
“Throughout his tenure as Executive Director of the President’s Financial Fraud Enforcement Task Force, Mike Bresnick has played an indispensable role in leading interagency efforts to ensure stability and fairness in our financial and housing markets – while holding accountable those who take advantage of their fellow citizens,” said Attorney General Eric Holder. “Under Mike’s leadership, the Department’s approach in identifying – and combating – financial fraud has never been smarter, more systematic, or more effective. I am grateful for his tireless work, his dedication to public service, and his commitment to the highest standards of professionalism and integrity. I am certain that the Department, and the American people, will continue to benefit from Mike’s efforts for years to come. And I wish him the best as he takes the next step in his career.”
In 2009, President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. As executive director, Mr. Bresnick has upheld this commitment by overseeing the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud and protect the American consumer.
Protecting Americans from the devastating effects of fraudulent schemes and reinforcing consumer education and awareness has been a primary focus of Bresnick’s tenure. In 2012 he launched the Consumer Protection Working Group to address consumer fraud, an issue that can financially cripple households and can cause extensive losses to the economy. The group has worked across federal law enforcement and regulatory agencies, and with state and local partners, to confront consumer fraud through prosecution and education.
Under Bresnick’s leadership and direction, the department also implemented innovative and aggressivestrategies to investigate fraud in the residential mortgage-backed securities market. In 2012, the department launched the Task Force’s Residential Mortgage-Backed Securities (RMBS) Working Group, which is a collaborative effort between federal and state law enforcement agencies to focus on fraud in the packaging and sale of RMBS offerings. There are now more than 200 lawyers, investigators, analysts and staff actively engaged in RMBS investigatory work across federal and state governments throughout the country. Thus far working group members have taken legal action against major financial institutions that have sought to deceive investors through fraudulent misrepresentation in the sale of mortgage back securities, and more are expected.
Bresnick has been a federal prosecutor, representing the interests of the American people for nearly 10 years. Prior to his role as the executive director of FFETF, he worked as an assistant chief in the Fraud Section of the Criminal Division where he supervised a team of attorneys in the investigation and prosecution of a broad range of financial crimes, including mortgage fraud and bank fraud. Bresnick also served as an assistant U.S. Attorney in Philadelphia, where he prosecuted a wide variety of criminal cases, including financial fraud, health care fraud, public corruption and Racketeer Influenced and Corrupt Organization Act offenses.
“I would like to thank Attorney General Holder and the Department for allowing me the unique opportunity to lead the government’s anti-fraud efforts and pursue justice on behalf of the American people. These last 10 years as a career prosecutor have been an honor and a privilege, and I am truly grateful for the experience.”
Bresnick will end his tenure as Executive Director of FFETF to serve as a partner in the law firm Stein Mitchell Muse and Cipollone LLP in Washington, D.C.