Richard Weber, Chief, Major Economic Crimes Bureau, Manhattan District Attorney’s Office

DA Vance Announces Appointment of DOJ’s Richard Weber as Chief of New Bureau

“The New York County DA’s Office has a long and distinguished record of prosecuting some of the most important and complex economic crimes, and upholding the integrity and security of New York’s major financial markets,” said District Attorney Vance. “Those who commit financial crimes rob honest New Yorkers of their income and assets.  Over the past two years, in New York and around the country, I have spoken of the need to focus even more attention on serious economic crimes. With this reorganization, I am pleased to be able to focus the resources of the Office under the Major Economic Crimes Bureau, so that we may continue and expand our battle against those who commit major economic frauds.  I am particularly happy that a prosecutor of Richard Weber’s stature and caliber has agreed to join us in this crucial effort.”

The Frauds Bureau has for decades been a leader in white-collar crime enforcement, including major securities and bank fraud prosecutions, insurance scams and public corruption cases.  Additionally, IDC has been responsible in recent years for some of the office’s notable successes, including the investigation and prosecution of Tyco executives Dennis Kozlowski and Mark Swartz, and deferred prosecution agreements announced last year with Credit Suisse and Lloyds TSB Bank involving the stripping of identifiable information in international wire transfers sent by Iranian banks.  Those agreements led to monetary penalties against the banks totaling $536 million and $350 million respectively — the largest penalty payments ever entered against financial institutions for sanctions violations.

Mr. Weber, who will also hold the position of Deputy Chief of the District Attorney’s Investigation Division, is a veteran white collar-crime prosecutor with national and international involvement in some of the nation’s most complex financial crime prosecutions. At the Justice Department, Mr. Weber oversaw prosecutions against major domestic and international financial institutions and corporations, including the federal portion of the Credit Suisse and Lloyds investigations, Union Bank of California, American Express Bank International, BankAtlantic,  E Gold Ltd. (an internet-based digital currency business), and Sigue Corporation (a global money service business).  Under Mr. Weber’s leadership, AFMLS was responsible for more than $1 billion in asset forfeiture.

The Major Economic Crimes Bureau will be responsible for all manner of complex financial investigations, including:

• 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

Mr. Weber said: “In the Justice Department, it was clear to me that most important financial transactions went through Manhattan, which is the financial center of the world. The opportunity to assist Cy Vance as he expands the DA’s Office’s effort in this critical area is an incredible opportunity, and I am honored to join that effort.”

Before joining AFMLS as Chief in 2005, Mr. Weber was an Assistant United States Attorney and Chief of Asset Forfeiture in the United States Attorney’s Office for the Eastern District of New York, where he served for ten years and prosecuted and coordinated complex multi-agency domestic and international money laundering, financial, tax, and forfeiture cases.  He is a two-time recipient of the Justice Department’s Attorney General’s John Marshall Award, the highest honor for Justice Department lawyers, and has received the Director’s Award for Superior Performance as an Assistant U.S. Attorney and the Henry L. Stimson Medal, given annually by the New York City Bar Association to outstanding Assistant U.S. Attorneys.