Justice Department To Announce Historic Wall Street Crackdown, Expose Over 300 Criminal Defendants

Something big is afoot: Bloomberg has just announced that The Justice Department today will announce arrests in a crackdown on investment frauds including Ponzi schemes and stock market manipulations, according to a U.S. law enforcement official familiar with the matter. It is unclear how much if any of this will be related to the recent investigation into SAC, aka expert networks. But it appears the sting will be one of the biggest in history: "The law enforcement operation, which began in August, involves more than 300 criminal defendants and 180 civil defendants, according to the official, who wasn’t authorized to speak publicly and spoke on condition of anonymity." We will closely follow and report as we see any news.

Update: it appears the revalation is nothing but the Justice Department patting itself on the back for (lack of) work already done. Apparently somehow Wall Streeters have already gone to jail in some parallel universe in which the Justice Department actually operates.

  • DJ US Announces Results Of Largest-Ever Investment Fraud Probe
  • DJ Alleged Frauds Caused $8.3 Billion In Losses
  • DJ Schemes Allegedly Harmed 120,000 Victims
  • DJ Nearly 350 Criminal, And 189 Civil, Defendants Netted In Probe
  • DJ Probe Has Resulted In 87 Prison Convictions
  • DJ Schemes Allegedly Harmed 120,000 Victims