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FBI says billions in financial crime restitution

FBI says probes of financial crime led to restitution of billions for victims last year By The Associated Press

WASHINGTON (AP) ' The FBI says its probes of corporate criminals led to 241 convictions and $2.4 billion in restitution for financial victims last year as agents went after insider trading and other investment crime that defrauded thousands.

For other types of financial crime, the bureau said Monday that it obtained 1,082 convictions and $1.38 billion in restitution from mortgage fraud criminals, and 429 convictions and $1.38 billion in fraud cases against financial institutions. It also secured 736 convictions and obtained $1.2 billion in restitution from health care fraud criminals.

Following the collapse of the subprime mortgage market in 2007, the FBI says it is continuing to place special emphasis on investigating corporate fraud involving subprime lending institutions, brokerage houses, home-building firms, hedge funds and financial institutions.

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Related Keywords:FBI-Financial Crime,Financial crisis,Law enforcement agencies,Economy,Business,Financial markets,Government and politics

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