On May 20, 2009, President Obama signed into law the Fraud Enforcement and Recovery Act of 2009.[FOOTNOTE 1] FERA provides government agencies with increased funding and more stringent legislation with which to combat financial and mortgage fraud. It also sends yet another message to regulators and prosecutors that Congress and the Obama administration want increased fraud enforcement in the financial arena. Businesses will be well served by understanding how the new areas of emphasis may apply to them and by marshaling compliance and defense resources accordingly.
I. FERA’S LEGISLATIVE TOOLS
