Bank and Thrift Criminal Fraud

This fact sheet provides information on the Department of Justice's investigations and prosecutions of criminal bank and thrift fraud. GAO discusses the recorded number of prosecutions and the number of investigations and cases that the U.S. Attorneys declined to proceed with, the amounts of fines and restitution that the government has collected, and what Justice officials have said about the adequacy of Justice's resources.

GAO found that: (1) Justice activity against criminal misconduct involving banks and thrifts has increased over the past several years, as it has applied more resources to investigations and prosecutions; (2) Federal Bureau of Investigation (FBI) investigations into criminal bank and thrift fraud have increased significantly; (3) Justice has indicted and convicted an increasing number of individuals for major frauds; (4) U.S. Attorneys have declined to proceed with a large number of investigations and cases over the same period; (4) Justice's Special Counsel for Financial Institutions Fraud stated that the percentage of U.S. Attorney declinations reflects the changing emphasis given to major cases; and (5) Justice recognizes that the information it has on fines and restitution is not complete.