Why Isn't Someone Doing Something About Online Scams?
by tailspin, Performer
- Created: January 22, 2011, 7:33 pm
- Updated: September 13, 2012, 4:14 pm
After selling a business we operated from home, we went online looking for another home-based business. What we found was scam after scam. In fact, we were so dismayed we ended up writing a book about it (Undress For Success: The Naked Truth About Making Money at Home - Wiley, 2009). We skewer the scammers, and provide advice on how to avoid loosing your shirt when you're trying to a work from home job.
But the question persists? Why hasn't government done anything about it? Sure there are periodic announcements to be careful from the FBI, state Attorney General offices, and such. But the scams persist. Worse, prosecutions of public companies committing fraud are way down. The Justice Department is on pace to record the fewest prosecutions for securities fraud since 1991. Here are the numbers that were compiled by researchers from Syracuse University, using data from the Justice Department:
437 securities fraud prosecutions in 2000, 513 securities fraud prosecutions in 2002, 133 in the first eleven months of 2008.
69 Justice Department prosecutions for securities fraud that came from SEC investigations in 2000, just 9 in 2007.
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