On 11 July, DoJ, SEC, CFPB, FTRC task force on elder fraud.
- Follows President Trump July 11, 2018 signing executive order against fraud.
- Order established a new task force on market integrity and consumer fraud.
Scope
- Focus on fraud vs. consumers-especially elderly, service members, veterans.
- As well as corporate fraud that victimizes general public or the government.
- Include digital currency fraud; money laundering, seek recovery of proceeds.
- As well as fraud re health care; tax; securities and commodity fraud, crimes.
Membership
- Law enforcement and other departments and agencies, invited to take part.
- SEC chair Clayton spoke, issued factsheet on fighting retail investors' fraud.
- Coordination efforts included Homeland Security, Treasury, Fed, CFTC, USPS.
- DoJ use affirmative civil enforcement to recover funds and impose penalties.
Recommendations
- Task force may make recommendation to the President, via attorney-general.
- Action on cooperation by agencies for investigation and prosecution of fraud.
- Cooperation among federal, State, local and tribal authorities, in connection,
with detection, investigation, and prosecution of fraud, other financial crime. - Follows DoJ May 2018 policy on better enforcement cooperation.
- Changes in rules, regulations, or policy, or recommendations to the Congress.
- Companies that cooperate, voluntarily report and remediate, get just results.
July 12, 2018 CFPB Comment
- On July 12, 2018, CFPB announced its role in DoJ consumer fraud task force.
- CFPB will cooperate with other federal and state authorities to combat fraud.
- Cited work against elder exploitation, collaborate with State AGs, local firms.
- Technically assist community effort to stop elder financial exploitation scams.
- Has online resource to help consumers prevent, recognize and report scams.
- Including fraudulent debt collection, debt relief, and foreclosure relief scams.
- Resource on dangers facing consumers, what you can do to protect yourself.
