This message has been cross posted to the following eGroups: Multi-Industry Chief Compliance Ethics Officer Network and Chief Compliance and Ethics Officer Health Care Network .
from the speech
In 2011 alone, our Consumer Protection Branch attained a 95 percent conviction rate; recovered more than $900 million in criminal and civil fines, restitution, and penalties; and obtained sentences totaling more than 125 years of imprisonment against more than 30 individuals. This represents remarkable - and unprecedented - progress. But it is only the beginning.
In fact, since the start of this Administration, the Justice Department has signaled an unwavering commitment to combating and preventing a wide range of financial and health-care fraud crimes - and we've taken bold steps to address the causes and consequences of the recent economic crisis. Through the efforts of the President's Financial Fraud Enforcement Task Force - which was launched in 2009, and which I am proud to chair - charges have been brought against numerous CEOs, CFOS, corporate owners, board members, presidents, general counsels, and other executives of Wall Street firms, hedge funds, and banks engaged in fraudulent activities. In recent months, we've obtained prison sentences of up to 60 years in a variety of fraud cases - including multimillion-dollar Ponzi schemes and the largest hedge-fund insider-trading case in U.S. history. Just this week, we secured a conviction against the former Board of Directors Chairman for an international bank for orchestrating a $7 billion investment fraud scheme. And the Task Force has established two new Working Groups - the Consumer Protection Working Group, which will enhance civil and criminal enforcement of consumer fraud; and the Residential Mortgage-Backed Securities Working Group, which will bring federal and state partners together to investigate and prosecute abuses in our housing markets. Both will help to amplify existing efforts, and to foster cooperation and collaboration in the Department's response to these problems.
Just a few weeks ago, a similar collaborative approach led the Departments of Justice and Housing and Urban Development, other agencies, and 49 state attorneys general to achieve a landmark $25 billion settlement with the nation's top five mortgage servicers - the largest joint federal-state settlement in our nation's history. Although this will not - on its own - cure all that ails our housing market, this agreement builds on the record fair-lending settlement obtained by the Civil Division's Fair Lending Unit last year - and will provide substantial relief to homeowners. It also provides a blueprint for future collaboration - across levels of government, state borders, and party lines.
But there is perhaps no better illustration of our recent progress than the Department's groundbreaking work to combat health-care fraud. Over the last fiscal year alone - in cooperation with the Department of Health and Human Services and other partners, by utilizing authorities provided under the False Claims Act and other essential statutes - we were able to recover nearly $4.1 billion in funds that were stolen or taken improperly from federal health-care programs - the highest amount ever recovered in a single year.
Over the same period, we opened more than 1,100 new criminal health-care fraud investigations, secured more than 700 convictions, and initiated nearly 1,000 new civil health-care fraud investigations. And, for every dollar we've spent combating health-care fraud, we've returned a average of seven dollars to the U.S. Treasury, the Medicare Trust Fund, and others.
Eric Newman, Esq., CCEP
HCCA/SCCE Social Media Manager