Cyrus Vance, Jr., the District Attorney of New York County (Manhattan), has announced one of what will likely be numerous changes to the office run by Robert Morgenthau since the early 1970s. According to a press release issued by the Manhattan District Attorney’s Office, District Attorney Vance has created the Major Economic Crimes Bureau. In doing so, the Manhattan District Attorney’s Office is combining both the Frauds Bureau and Investigation Division Central (IDC). Richard Weber, currently the Chief of the Asset Forfeiture and Money Laundering Section (AFMLS) of the United States Department of Justice, will be the lead prosecutor and chief of the newly created bureau.
Both the Frauds Bureau and IDC, formerly called DANY (District Attorney New York) Over Seas, is staffed by exceptionally experienced and seasoned prosecutors. Although IDC has had more involvement in international crimes and has had some of the largest settlements and forfeitures in recent history, both of these bureaus already were at the forefront of white collar prosecutions. Now, the Major Economic Crimes Bureau will specialize in prosecutions relating to securities, commodities, and investment fraud, mortgage fraud and financial institution fraud commercial, bribery and kickbacks, bank fraud, structured investment schemes, internet fraud, international money laundering and terror financing.
It will be interesting to see how the Investigation Division of the Manhattan District Attorney’s Office continues to morph under the new leadership. What will become of the Rackets, Money Laundering and Special Prosecutions Bureaus? Will there be overlap in their prosecutions with the Major Economic Crimes Bureau or will they too be restructured into new entities? Regardless of the form or name they take, there is no doubt that the units and bureaus under District Attorney Vance, like Robert Morgenthau, will continue to forge ahead and remain leaders in the arena of white collar criminal investigations and prosecutions.
Crotty Saland PC is a New York criminal defense firm founded by two former Manhattan prosecutors. Crotty Saland PC represents clients in white collar criminal investigations and prosecutions throughout the New York City region.