Due Diligence

FBI Sharpens Tools For Nailing Ponzi Schemers, Develops Wall St. Informants


The FBI is starting to apply tactics used against terrorists in the hunt for white collar criminals and insider traders, says a story in the Wall Street Journal today. Both the FBI and the SEC have faced intense criticism for their handling of the Bernie Madoff heist. Earlier this year, the SEC launched an effort to develop a wider web of informants, and the FBI says it's working to do the same. Some of the FBI's new tactics include internal intelligence reports, meant to provide warning to agents not directly involved in an investigation and tripwire programs, which would encourage people working on Wall Street to notify investigators of questionable trades, etc. Separately, the Journal also wrote about an FBI raid of a Manhattan boiler room allegedly connected to the Bonnano organized-crime family.

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