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As 2010 approaches, regulators and prosecutors are scrambling to uncover and pursue more fraudsters, while lawmakers seek to close regulatory gaps through legislation and give enforcement officials more resources.
In a bid to restore investor confidence, President Obama in May signed the Fraud Enforcement and Recovery Act, aimed at cracking down on the kinds of mortgage fraud and predatory lending that triggered the financial crisis. The Congress is expected to pass additional legislation early in 2010 to overhaul the financial regulatory system and give the SEC and other watchdog agencies more resources and authority to police shadowy corners of the financial markets.
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