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Piper Jaffray Companies Message Board

  • ldkto90 ldkto90 Jun 19, 2008 1:32 PM Flag

    PJC will be teen soon!!!!!!!!!

    Look at how many crooks are in the banking sector!

    une 19 More than 400 people have been charged in a U.S. Justice Department-led mortgage-fraud sweep, two law enforcement officials said.

    The national roundup, dubbed Operation Malicious Mortgage, will be announced this afternoon by FBI Director Robert Mueller and Deputy Attorney General Mark Filip at the Justice Department in Washington. A number of arrests were made earlier this week and the Federal Bureau of Investigation is still tallying the final numbers, said the officials who requested anonymity so as not to upstage the announcement.

    The sweep began in March and authorities estimate that victims lost more than $1 billion as a result of the frauds, the officials said.

    The FBI is investigating more than 1,300 mortgage-fraud cases, many related to subprime loans made to people with poor credit. The credit collapse has forced hundreds of thousands of people from their homes because of foreclosures and triggered almost $400 billion in losses and writedowns on Wall Street.

    Also today, two former Bear Stearns Cos. hedge-fund managers were arrested at their homes after being indicted by a federal grand jury in Brooklyn. They face charges for their roles in the collapse of hedge funds that helped ignite the subprime crisis.

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