Financial Institution Fraud - Criminal Investigation (CI)
Criminal Investigationís (CI) Financial Institution Fraud Program, addresses criminal violations involving fraud against banks, savings and loan associations, credit unions, check cashers, and stockbrokers. Criminal Investigation is a major contributor in the effort to combat financial institution fraud, and the United States Attorneysí recognize CIís financial investigative expertise in this complex area.
The ability to bring income tax and money laundering charges augments prosecutorís effectiveness in combating fraud committed against financial institutions, whether the violators work within or outside of the financial institution.
The use of Sight Drafts, also known as Bills of Exchange, to defraud financial institutions has proliferated with the upsurge in use by radical militia groups. These fictitious financial instruments resemble bank cashierís checks and have been issued in amounts exceeding $10 billion. Criminal Investigation has taken an aggressive role in these investigations by using the charge of Title 18 USC Section 514 (Fictitious Obligations). This statute was enacted to prosecute individuals and groups who use sham instruments to defraud financial institutions as well as the IRS.
Currency Transaction Reports and Suspicious Activity Reports continue to be an effective source of information regarding financial institution fraud. Criminal Investigation follows up on Currency Transaction Reports and/or Suspicious Activity Reports with the reporting financial institution. Direct contact is made with the financial institution, enhancing the constructive and cooperative relationship CI has established with the banking industry.
Statistical Data - Financial Institution Fraud
Financial Institution Fraud enforcement statistics on investigations initiated, prosecutions recommended, indictments, convictions and months to serve in prison.
for Serious Matters
|| FY 2011
|| FY 2010
|| FY 2009
| Investigations Initiated
| Prosecution Recommendations
| Incarceration Rate*
| Avg. Months to Serve
Last Reviewed or Updated: October 11, 2011
Data Source: Criminal Investigation Management Information System
*Incarceration includes confinement to federal prison, halfway house, home detention, or some combination thereof.
Criminal Investigation records statistical data on a fiscal year basis (October - September) by enforcement priorities and program areas. Although the numbers are shown within the parameters of a 12-month period, financial investigations are very complex and can sometimes take more than a year to complete. Therefore, the data shown in investigations initiated may not represent the same universe of investigations shown in other actions within the same fiscal year. (Example: an investigation initiated in fiscal year 2009 may not be sentenced until fiscal year 2010)