Well, some good news.
WASHINGTON—U.S. officials have charged more than 500 people in what they termed the largest-ever crackdown on scam artists.
Nearly 350 people have been criminally charged, law enforcement officials said at news conference Monday at the U.S. Justice Department. They included peopled alleged to be running Ponzi schemes, pump-and-dump schemes and foreign-exchange scams. Officials said they have also charged 189 people in civil actions.
Losses from the alleged frauds cost victims thousands and sometimes millions of dollars, officials said. The total losses from all the alleged schemes totals $8.3 billion, according to a news release.
"These are staggering, staggering numbers," U.S. Attorney General Eric Holder said at the news conference.
The investigation, dubbed "Operation Broken Trust," began three and a half months ago. Officials and agents of the U.S. Postal Service, Commodity Futures Trading Commission, the Securities and Exchange Commission and the Federal Bureau of Investigation, among others, are participating in the investigation.
Already, 87 people have been put in jail, with several receiving sentences of more than 20 years.
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