Today, United States Attorney Martin Estrada announced the establishment of the Corporate and Securities Fraud Strike Force to combat corporate crimes and securities fraud in a bid to protect the nation's financial system from company insiders. This initiative counters those who exploit public trust and destabilize vulnerable communities, according to a press release.
The Strike Force, patrolling the financial system, will work collaboratively with to expand and focus investigations of complex corporate and securities fraud cases federal law enforcement agencies. It will involve corporate executives, traders and other individuals engaged in potential criminal conduct. The Strike Force will scrutinize accounting fraud, insider trading, violations of the Bank Secrecy Act, and other issues impacting the financial system and the trading markets as confirmed in the press release.
"Fraud by corporate executives undermines public trust in our business institutions," commented United States Attorney Estrada. He further states, "The Strike Force will concentrate on uncovering and penalizing corporate wrongdoing. Corporate criminals should be aware that such deceptive activities will not be tolerated."
The Strike Force will be led by experienced federal prosecutor Assistant United States Attorney (AUSA) Brett Sagel. Sagel's appointment demonstrates a proactive step towards addressing corporate greed and inside trading, as noted by Donald Alway, the Assistant Director in Charge of the FBI's Los Angeles Field Office.
Together with the Corporate and Securities Fraud Strike Force, the Vulnerable Communities Task Force been also established. This Task Force will work to mitigate the damage caused by fraud to vulnerable communities, prioritizing the investigation and prosecution of individuals and entities that exploit these groups who often have less access to law enforcement interventions as per the press release. These include immigrants, migrant workers, low income individuals, the elderly and those hesitant to seek aid from government authorities.
Estrada stressed the significance of protecting these vulnerable communities, stating, "We must redress the additional harm scams can inflict on our most vulnerable populations". He further declared the commitment of his office to holding those who exploit these communities accountable.
The Vulnerable Communities Task Force will be led by Assistant United States Attorney Monica Tait, who served recently as the office's Elder Justice Program Coordinator. Composed of federal prosecutors from across the office, the Task Force will collaborate with partners like HSI Los Angeles and Special Agent in Charge Eddy Wang to hold those who exploit innocent victims accountable.
