Bloomberg reports that a major sting operation involving hedge funds and ponzi schemes is underway, and we’re going to find out more as the day goes on:
A crackdown on financial frauds including Ponzi schemes and stock market manipulation has resulted in U.S. enforcement actions against 343 criminal defendants and 189 civil defendants since August, the Justice Department said.
The cases involved more than $8.3 billion in estimated losses in the criminal cases and $2.1 billion in the civil cases, Attorney General Eric Holder said at a news conference in Washington today.
The crackdown’s code name, “Operation Broken Trust,” is also laudable for its high-minded word play. It’s a fight that’s lasted three-and-a-half months and “is the first national effort of its kind aimed at a broad array of investment fraud schemes,” according to The Washington Post.
mtaylor [at] observer.com | @mbrookstaylor