"Fraudulent Lenders Face Tougher Penalties, as U.S. Mulls New SAR Requirements"May 22, 2009
SULLIVAN & CROMWELL LLP Partner Sam Seymour was quoted in a May 22 Moneylaundering.com article titled, "Fraudulent Lenders Face Tougher Penalties, as U.S. Mulls New SAR Requirements." The article discussed the Fraud Enforcement and Recovery Act (FERA), signed into law by President Obama on May 20. Mr. Seymour noted that the increase in investigation time on mortgage fraud cases from five to 10 years will have a significant impact on how investigators and prosecutors approach their cases. Mr. Seymour said, "If you are a prosecutor and you are assuming that the most serious mortgage fraud happened in your case three years ago, those cases would ordinarily have to be brought within the next two years, which is fast by investigative standards."