WHERE TO REPORT FINANCIAL FRAUD/DOJ

StopFraud.gov - Financial Fraud Enforcement Task Force

 I would *NOT* make a report by e-mail.  I would send a signature-required package.

http://www.stopfraud.gov/report.html  

Fraudulent activities should always be reported to your local law enforcement office. The following is additional information on how specific types of fraud complaints or cases of suspected fraud can be submitted to federal agencies.

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Securities and Investments: Fraud Digest

Securities and Investments 

Morgan Stanley

Action Date: May 12, 2010 
Location: New York, NY 

EDITORIAL: On May 12, 2010, Morgan Stanley’s Chief Executive announced in response to a Wall Street Journal article that he was unaware of any criminal investigation by the Justice Department that his firm, like Goldman Sachs, misled investors about mortgage-backed derivative deals. The WSJ had reported that Morgan Stanley was the subject of such an investigation. In addition to determining whether the firm was betting against the very products it was promoting to investors, the Justice Department COULD investigate whether Morgan Stanley and other securities firms exercised secret control over the rating agencies, causing risky investments to get the highest ratings by these firms. The Justice Department COULD also investigate whether the mortgage-backed trusts put together by Morgan Stanley were comprised of much riskier mortgages than represented to investors. Another investigation COULD be conducted regarding the pay-outs from the insurance policies behind the CDOs and whether the servicing companies working for the trusts are collecting twice – from the insurance and from the foreclosures – and then turning around, acquiring the foreclosed properties for $10 – and profiting yet a third time. Investigators COULD even determine whether foreclosure mills working for trusts created by Morgan Stanley are now using forged proof of ownership to foreclose because Morgan Stanley never acquired the mortgages, notes and assignments they claimed to have in their vaults, backing the mortgage-backed securities. In the battle between the Justice Department and Wall Street, Goliath is in New York, not D.C. 

House Democrats calling for criminal investigation of Goldman Sachs

Rep. Kaptur is the one that keeps grilling Geithner on the AIG scam involving you guessed it …Goldman Sachs!

April 21st, 2010 7:15 PM

House Democrats calling for criminal investigation of Goldman Sachs

 

  By Eric Zimmermann / The Hill

 A growing number of House Democrats are asking the Department of Justice to open a criminal investigation into Goldman Sachs.

 Rep. Marcy Kaptur (D-Ohio) made the request Tuesday in a letter to Attorney General Eric Holder. Since then, almost 20 of her colleagues have signed on.

 The Securities and Exchange Commission (SEC) has filed a fraud action against Goldman for allegedly promoting a package of investments that was designed to fail. But the SEC can only pursue civil actions. Kaptur wants the Justice Department (DOJ) to consider criminal charges as well.

 “[I]f the DOJ is not currently looking into this particular case, we respectfully ask you to ensure that the U.S. Department of Justice immediately open a case on this matter and investigate it with the full authority and power that your agency holds,” Kaptur wrote to Holder.

 “The American people both demand and deserve justice in the matter of Wall Street banks whom the American taxpayers bailed out, only to see unemployment and housing foreclosures rise.”

 Republicans have accused Democrats of engineering the SEC charge to bolster the case for financial reform. Democrats have vehemently denied that claim, but the push for criminal charges isn’t likely to quiet the conservative charges.

 The letter has so far garnered 18 signatures, and the Progressive Change Campaign Committee (PCCC) is organizing a grassroots campaign to urge more lawmakers to sign on. The group says it has gathered 23,000 signatures and organized 2,400 calls to Congress. 

“Now is the moment to make clear: Nobody on Wall Street is ‘too big for jail,’ ” PCCC co-founder Aaron Swartz wrote to supporters.

 The following House Democrats have signed on to Kaptur’s letter: Jim McDermott (Wash.), Diane Watson (Calif.), Chris Carney (Pa.), Raul Grijalva (Ariz.), Keith Ellison (Minn.), John Lewis (Ga.), Charlie Melancon (La.), Tom Perriello (Va.), Betty Sutton (Ohio), Jay Inslee (Wash.), Pete Stark (Calif.), Mike Honda (Calif.), John Salazar (Colo.), Niki Tsongas (Mass.), Alan Grayson (Fla.), David Loebsack (Iowa) and Bob Filner (Calif.).

 Top Republican asserts feds 'looked the other way' from financial fraud