Hundreds Ensnared In Fraud Crackdown

Attorney General Eric Holder told reporters Monday morning that campaign against investment fraud known as Operation Broken Trust has resulted in enforcement action against 343 criminal defendants.

According to Holder, the defendants are believed to have defrauded 120,000 victims to the tune or $8.3 billion, a number the Attorney General described as “staggering.”

“These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled,” Holder said. “All of these victims can tell a tragic and cautionary story of being misled and exploited, often by someone they trusted.”

In addition to the criminal cases, there are 189 civil defendants.

The operation was part of a joint effort between different agencies spearheaded by the Financial Fraud Enforcement Task Force, which was created in 2009.

Operation Broken trust was launched in August of this year.