The SEC and U.S. attorneys have been active in their efforts to fight financial fraud. That has been evidenced by the twin insider trading investigations that have recentlyrocked Wall Street. To drive home the point, the Justice Department held a press conference this week to showcase the efforts of the Financial Fraud Enforcement Task Force, which aims to root out financial crimes in difficult times.

"Operation Broken Trust," which was launched in August, has yielded some impressive results. Government officials say the operation charged 343 people with criminal charges and 189 with civil charges. The cases collectively account for more than $8.3 billion in investor losses and 120,000 victims. All of that should be applauded.

But there is lingering disappointment or relief--depending on who you are--over the increasing likelihood that no major criminal charges will be brought against any individuals who worked at the top Wall Street banks that ushered in the financial crisis and recession. For a while, it looked as if Lehman Brothers executives were close to being charged, notably ex-CEO Richard Lehman, but that no longer seems true.

However, I do think we'll get some sort of civil settlement related to various practices related to the sale of CDOs and other products. We can only hope the settlement has real teeth and ushers in legitimate reforms.

For more:
- here's a piece on Operation Broken Trust in the Washington Post
- here's the press release

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