According to a news release by the U.S. Attorney’s Office for the Southern District of Georgia, Attorney General Eric Holder announced last week the results of Operation Broken Trust, an unprecedented nationwide law enforcement operation targeting a variety of investment schemes. President Obama established an inter-agency Financial Fraud Enforcement Task Force, consisting of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement, which was launched on August 16, 2010. The purpose of the Task Force is to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. To date, Operation Broken Trust has taken action against 343 criminal defendants and 189 civil defendants for schemes involving more than 120,000 victims and an estimated more than $10 billion in losses.
The news release states that, in the Southern District of Georgia, the operation has resulted in the sentencing of Alvin Charles Ramsey, a former financial advisor, for defrauding his clients out of over $500,000 and Augusta, Georgia, investment advisor Walter Marian Williams for defrauding his clients of over $1.7 million.