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Holder Discusses New Initiative Against Fraud

In remarks to a civic group meeting in West Palm Beach, U.S. Attorney General Eric Holder discussed how a new inter-agency task force is focusing on halting fraud involving mortgages, securities, economic stimulus programs and the government's bailout programs.

The Justice Department is moving forward on more than 5,000 pending financial institution fraud cases, Holder said. The FBI is investigating more than 2,800 mortgage fraud cases, he said.

Holder said that financial crime had become all too common and Palm Beach "is, in many respects, ground zero for the $65 billion Ponzi scheme perpetrated by Bernard Madoff — the largest investor fraud case in our nation's history.

"Last year, Allen Stanford, Tom Petters and, most recently, Fort Lauderdale attorney Scott Rothstein, who is alleged to have run a $1 billion investment scam, joined Bernie Madoff in becoming headline news and household names," Holder said. "I'm proud that these men along with more than 450 others convicted of corporate and securities fraud in 2009, have been taken out of the game."

Here's a full copy of the speech.