Is the Insurance Industry the Next Target of the FBI?
FBI Special Agents met last year in New York with state insurance regulators to discuss how complex transactions can be structured to manipulate financial results in the insurance industry. According to The Wall Street Journal, the FBI has initiated a probe into accounting practices in the insurance industry that could extend to other financial-services businesses. Between 50-75 agents are involved in this probe which is a direct result of the AIG investigation.
"We have a very wary eye on the insurance industry because of AIG," Chris Swecker, assistant director of the bureau's criminal investigative division, told a media briefing on financial crimes, according to the Journal. In other corporate fraud cases, he observed that the FBI found that more than one company in an industry is usually involved in doing business a certain way. "If one was doing it, others had to stay competitive," Swecker said.
Swecker emphasized that the FBI did not want to be "caught napping" if the insurance industry becomes the next big corporate fraud issue.
The settlement of $1.6B by AIG announced recently to resolve action by the SEC and AG Spitzer is probably just the first round of many more.
FBI agents want to talk to me. Should I talk to them?
I have heard that federal agents are asking questions about me. What does this mean?
Law Offices of Dan C. Guthrie, Jr.
2305 Cedar Springs Road, Suite 125 Dallas, TX 75201
Phone: 214.953.1000 E-mail Fax: 214.953.0200
Dan C. Guthrie handles white collar criminal defense matters for clients throughout Texas, including the cities of Dallas, Houston, Austin, San Antonio, Lubbock, Amarillo, and the Nation: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
