The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009 created a host of new criminal offenses to include:
- Reckless disclosures of a systemic risk determination
- Failure to clear and index swap transactions
- Failure to register as futures commission merchants for swap transactions
- Failure to register as a swap data repository
- Failure to report a large swap transactions
- Failure to register as a swap dealer or large swap participant
- Failure to register a swap execution facility
- Fraud and false statements related to a swap or commodity futures order
- Insider trading relating to swaps and commodity futures
- Fraud on the third party in a swap transaction
- Violations of SEC cease and desist orders
- Participating in a swap transaction with the party whose securities registration is suspended
- Swap transactions with ineligible participants
- Margin lending
- Violations reporting requirement for rating agencies
- Acting as an unregistered municipal adviser fraud
Finally, the new Bureau of Consumer Financial Protection (BCFP) has a host of its own unlawful acts relating to violations of federal consumer financial law, or to engage in unfair, deceptive or abusive practices.
Texas Dodd-Frank Defense Lawyers
In conjunction with the Dodd-Frank Act, President Obama created the Financial Fraud Task Force in the Department of Justice (DOJ) to aggressively investigate and prosecute those who commit financial crimes. The Securities and Exchange Commission has also stepped up enforcement efforts in the wake of the financial crisis.
Hilder & Associates, P.C., has advised and represented targeted individuals and businesses accused of complex fraud schemes in both the criminal and civil litigation context. We have also launched internal investigations to reveal fraudulent schemes of which the business or client was unaware and helped set up mechanisms to prevent such activities from the beginning.
Implications Of A Dodd-Frank Act Investigation
The frequency of prosecutions in this area is increasing, and the penalties are severe. The DOJ has criminally prosecuted defendants for perpetrating financial crimes and sought prison terms, which result in life sentences. Additionally, the Securities and Exchange Commission has investigated multiple investment fraud schemes and sought enforcement actions for numerous cases.