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FCC Will Take Part in Corporate Fraud Crackdown

President's task force adds member agencies

The Federal Communications Commission is now part of the President’s Corporate Fraud Task Force.

The group was formed under President Bush in 2002 following a wave of corporate scandals, to crack down on mortgage fraud, particularly concerning ongoing investigations into securities fraud.

According to the Justice Department, since mid-2002, the task force has yielded 1,300 corporate fraud convictions, including more than 200 CEOs and presidents, 120 corporate vice presidents and 50 chief financial officers.

The FCC is one of six federal agencies to join. The task force has been expanded to help the government focus on mortgage and securitization fraud cases, according to the task force chairman, Deputy Attorney General Mark Filip.

Members include the assistant attorneys general for the Justice Department’s Civil and Tax Divisions, the director of the FBI, seven U.S. attorneys offices, the secretaries of the Departments of Treasury and Labor, and the heads of the Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Energy Regulatory Commission, Postal Inspection Service and the Department of Housing and Urban Development’s Office of Federal Housing Enterprise Oversight.