According to a law enforcement source, today’s announced crackdown “on financial frauds including Ponzi schemes and stock market manipulation,” which involves more than $8.3 billion in estimated losses in criminal cases and $2.1 billion in civil cases, is not related to the hedge fund raids and subpoenas that have been sweeping through Wall Street in previous weeks.
A source told us that the U.S enforcement actions against 343 criminal defendants and 189 civil defendants that have occurred since August, represent arrests or actions that have already occurred.
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