Wall Street bankers who have been investigated by the Federal Government for intentionally making bad home loans during the Housing Bubble, which ultimately lead to the financial collapse of 2008, may be breathing a sigh of relief as the statute of limitations will soon run out on prosecuting them for any provable crimes.
But prosecutors looking for ways around the legal loophole may have found a way to keep those involved sweating a little longer.
According to Business Insider, an obscure law, enacted in 1984 and intended to prosecute crimes committed against commercial banks, may be invoked which extends the indictment window.
"The strategy involves a shift away from the more widely used securities fraud charge to a less common offense: bank fraud. The advantage is that perpetrators of bank fraud can be charged up to 10 years after their crimes, compared with the five-year statute of limitations on securities fraud, which has already run out on most events leading up to the 2008 financial crisis. A bank fraud conviction carries up to $1 million in fines and a maximum prison sentence of 30 years."
Victims of the fraud have been howling that those responsible are gleefully skipping away from any punishment. But, if this strategy works, those who knowingly orchestrated this near collapse of the worldwide financial system, just to enrich themselves even further, may one day have to explain their actions in a court of law.
It may not be the justice they deserve, but the thought of rich bankers, who intentionally defrauded millions of hardworking, honest middle class citizens, spending the rest of their lives locked behind bars does have a certain, appealing ring to it.
What do you think?
Read the rest of the story here:
www.businessinsider.com/bad-loans-wall-street-charged-2013-7
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