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The speaker claims the SEC has never pursued hedge funds for shorting and distorting Tesla, even when they allegedly lied on TV to harm retail investors. This inaction is attributed to the SEC's incentive structure. Lawyers at the SEC are allegedly underpaid and seek high-profile cases to enhance their resumes for future employment at high-paying law firms. The speaker alleges that these lawyers avoid targeting hedge funds, who are potential future employers, prioritizing their career prospects over protecting small investors. This is described as regulatory capture.

We are announcing today charges against 324 defendants for their alleged participation in health care fraud schemes involving approximately $14,600,000,000 in false claims submitted to Medicare, Medicaid, and other health care programs. These criminals didn't just steal someone else's money. They stole from you. The days of transnational criminal organizations using the American health care programs as their personal piggy bank are over. Third, this takedown resulted in criminal charges against 74 defendants including medical professionals who fueled America's deadly opioid crisis for personal profit. This is not health care. It is a staggering breach of trust. Today's enforcement action represents the largest health care fraud takedown in American history, but it's not the end. It's the beginning of a new era of aggressive prosecution and data driven prevention.

These individuals have caused great harm to our nation. I personally led the investigation and recovered the stolen funds.

The speaker discusses how hitting the wealthy ruling class in their brokerage accounts is more effective than in their bank accounts. They highlight how the stock market impacts everyone, not just investors, and how regular people are using market mechanics against corrupt institutions like GameStop. The speaker emphasizes the divide between regular investors seeking justice and the bankers, politicians, and regulators profiting off manipulation. They caution against media portrayals of investors as greedy, urging people to see through the facade and resist returning to a system that benefits the elite.

The speaker strongly criticizes Gary Gensler, calling him corrupt and a liar. They believe that the SEC should focus on going after scammers and bad actors like Voyager, Celsius, Terra Luna, and FTX, instead of hosting them in their office due to their political donations. The speaker expresses a desire to confront Gensler directly and describes him using a string of insults. They end by exclaiming their frustration and asking for Tylenol.

Damian Williams, the United States attorney in the Southern District of New York, accuses Sam Bankman Fried of committing a massive financial fraud to establish himself as a crypto king. While the cryptocurrency industry and players like Sam are relatively new, this type of fraud and corruption is not. Williams emphasizes that they have zero tolerance for such behavior.

There's massive fraud in this country, including foreign nationals using fake social security numbers and identities to steal billions in taxpayer benefits. By clamping down on this fraud in our tax and entitlement systems, we could save over a trillion dollars. Doge are subordinate staffers of the federal government and political appointees that serve and answer to the president. They will analyze and assess for signs and symptoms of fraud and how IT systems are failing to detect it. We need to protect the integrity of these systems that Americans rely on. We are restoring neutrality, ethics, and accountability to the IRS to identify large-scale fraud, unfair politicization, and unfair targeting. We want to ensure confidence in the IRS and that no dollars are being stolen from the American people.

The speaker submitted material to the SEC in May 2000, October 2001, October, November, and December 2005, June 2007, and April 2008, totaling five separate submissions. Despite these efforts, the speaker feels horrible about the disastrous outcome for the victims and finds nothing to be proud of. The situation began a decade ago when Marco Polis, working for a Boston investment firm, was instructed by his boss to reverse engineer Bernard Madoff's trading strategy. Madoff, a former Nasdaq chairman, was reportedly running a huge unregistered hedge fund with incredible returns, and the firm wanted to duplicate his results.

It's great to see such a massive turnout here today! Everyone in the labor movement, and those who value public service, recognize that enough is enough. An injury to one is an injury to all. They're counting on us giving up, but we can't. I know many of you have family, friends, and colleagues in the federal system who are scared. If you can, stand up. If you are able, decline to enforce illegal instructions. If the facts support it, use the whistleblower portals that the Senate Democrats have set up. We may be out of power, but we are not powerless. We're going to win.

The Department of Justice announced the largest coordinated health care fraud takedown in its history, charging 324 defendants for alleged participation in health care fraud schemes involving approximately $14,660,000,000 in false claims submitted to Medicare, Medicaid, and other health care programs. Key points emphasized: - First, these health care fraud schemes affect every hardworking American family. The announcement states that criminals didn’t just steal money from others; they stole from taxpayers who fund these programs. Every fraudulent claim, fake billing, and kickback scheme represents money taken from American taxpayers, driving up the national deficit and threatening the long-term viability of health care for seniors, disabled Americans, and vulnerable citizens. The enforcement action involves seizure of cash as well as luxury vehicles and properties, returning real money to taxpayers and to government health care programs. - Second, there is a disturbing trend of transnational criminal organizations engaging in increasingly sophisticated schemes. The takedown identifies and charges defendants operating from Russia, Eastern Europe, Pakistan, and other foreign countries, who have infiltrated the U.S. health care system to steal taxpayer dollars. An example described involves a sophisticated operation run from Russia and Eastern Europe that bought dozens of medical supply companies in the United States and submitted more than $10,000,000,000 in fraudulent health care claims to Medicare. This operation used the stolen identities of more than 1,000,000 Americans spanning all 50 states. Federal agents intercepted and arrested key members of that organization at U.S. airports and the U.S.–Mexico border, cutting off their escape routes. The days of transnational criminal organizations using the American health care programs as their personal piggy bank are over. - Third, 74 defendants, including medical professionals, were charged, highlighting those who fueled America’s deadly opioid crisis for personal profit. Pill mill operators who prescribed unnecessary opioids were charged, and networks of corrupt pharmacies that distributed drugs to addicts and dealers were dismantled, feeding the addiction crisis that has devastated communities. This is described as a staggering breach of trust, and the Department’s Criminal Division will prosecute these criminals aggressively, equating them with drug dealers. - Fourth, some defendants targeted vulnerable citizens in nursing homes, individuals with disabilities, and those battling serious illnesses. Prosecutors charged seven defendants, including five medical professionals, in connection with approximately $1,000,000,000 in fraudulent claims to Medicare and other health care benefit programs for performing medically unnecessary skin grass on dying patients as they sought to spend their final days with dignity and peace. This conduct is described as callous and disturbing, reflecting a breach of trust between patients, families, and providers. The overall message: today’s enforcement action represents the largest health care fraud takedown in American history, signaling the beginning of a new era of aggressive prosecution and data-driven prevention.

The speaker learned about the Capitol riot on January 6th and was disgusted and afraid. They were afraid of what the rioters might do and that they would not face consequences. The speaker is proud to have joined the effort to hold them accountable. The Justice Department charged over 1,500 people with crimes and obtained convictions against almost 1,300. The speaker states that this ensured the rioters would face accountability and created a public record of the crimes committed that day.

The speaker claims the SEC never pursued hedge funds for shorting and distorting Tesla, even when they allegedly lied on TV to harm retail investors. The speaker attributes this to a flawed incentive structure within the SEC. SEC lawyers are allegedly underpaid and seek high-profile cases to enhance their resumes for future employment at high-paying law firms. The speaker alleges these lawyers avoid targeting hedge funds because those funds are clients of the law firms they aspire to join. According to the speaker, this dynamic leads to regulatory capture, where small investors are sacrificed for the lawyers' career advancement.

The speaker wants the American public to know that the FBI has had problems. The FBI will hold itself internally accountable and meet out justice to those who abuse their roles. Those who have taken missteps have already been eliminated from the FBI. The FBI will vigorously uphold justice as vigorously as they pursue violent crime, on a twenty four seven, three sixty five basis. The speaker will have zero tolerance for those who utilize their badge to harm the country.

The speaker expresses regret for not speaking up earlier about the lack of enforcement from the SEC and the negative impact it had on Ethereum's reputation. They believed the government would punish wrongdoers in the field of securities fraud, but that didn't happen. The speaker criticizes the Ethereum organization for not taking a stronger stance against illegal activities like ICOs, which they consider securities fraud. They believe that if the organization had shown more backbone and either condemned or challenged the law, they could have avoided the fraud and lack of leadership they currently face.

The speaker learned about the Capitol riot on January 6th and was disgusted and afraid. They were afraid of what the rioters might do and that they would not face consequences. The speaker is proud to have joined the effort to hold them accountable. The Justice Department charged over 1,500 people with crimes and obtained convictions against almost 1,300. The speaker states that they ensured the rioters would face accountability and created a public record of the crimes committed that day.

Donald Trump and the other defendants committed persistent and repeated fraud. This was proven in the motion for summary judgment last week. The other claims will be proven today. No one is above the law, no matter how powerful or wealthy they are. It is the speaker's responsibility and duty to enforce the law. The law is both powerful and fragile. The case will be proven in court today, and justice will prevail.

Bernie Madoff turned himself in before any serious investigation began. Harry Markopolos had been right about Madoff, but Madoff's Ponzi scheme collapsed due to the bad economy, not due to Markopolos's efforts or the SEC's actions. The SEC typically investigates after the crime has been committed, identifying victims and perpetrators after the fact, which is not helpful.

You protected our democratic institutions from violence, charging over 1,500 individuals for criminal actions during the January 6th attack and the events leading up to it. You held accountable those who assaulted law enforcement officers defending the Capitol that day. Your commitment to justice was unwavering, guided solely by the facts and the law. I am proud of the work you accomplished and the manner in which you executed it.

I'm Matthew Galiotti, head of the Justice Department's Criminal Division. Today we announce the largest coordinated health care fraud takedown in the history of the Department of Justice. We are announcing charges against three twenty four defendants for their alleged participation in health care fraud schemes involving approximately $14,600,000,000 in false claims submitted to Medicare, Medicaid and other health care programs. In a takedown this large, I can't possibly describe all of the work that went into dismantling each scheme. But there are four key points that bear emphasizing. First, these health care fraud schemes mean for every hardworking American family. These criminals didn't just steal someone else's money. They stole from you. Every fraudulent claim, every fake billing, every kickback scheme represents money taken directly from the pockets of American taxpayers who fund these essential programs through their hard work and sacrifice. And when criminals defraud these programs, they're not just committing theft. They're driving up our national deficit and threatening the long term viability of health care for seniors, disabled Americans and our most vulnerable citizens. This enforcement action involves the seizure of cash as well as luxury vehicles and properties returning real money to American taxpayers and to our government health care programs. Second, we are seeing a disturbing trend of transnational criminal organizations engaging in increasingly sophisticated and complex criminal schemes that defraud the American health care system. As part of this takedown, we've identified and charged defendants operating from Russia, Eastern Europe, Pakistan and other foreign countries. As just one example, we dismantled a scheme involving a sophisticated operation run from Russia and Eastern Europe that strategically bought dozens of medical supply companies in The United States and submitted more than $10,000,000,000 in fraudulent health care claims to Medicare. To make matters worse, these perpetrators used the stolen identities of more than 1,000,000 Americans spanning all 50 states to perpetrate this scheme and submit these false claims. But I'm pleased to report that federal agents intercepted and arrested key members of that organization at US airports and The US Mexico border, cutting off their intended escape routes. The days of transnational criminal organizations using the American health care programs as their personal piggy bank are over. Third, this takedown resulted in criminal charges against 74 defendants, including medical professionals who fueled America's deadly opioid crisis for personal profit. These are not isolated instances of poor judgment. These are calculated schemes designed to exploit Americans struggling with addiction while enriching the very people who were duty bound to help them heal. We charged pill mill operators who prescribed unnecessary opioids. We dismantled networks of corrupt pharmacies that existed solely to distribute drugs to addicts and dealers, feeding the addiction crisis that has devastated so many American communities. Fourth, many of the defendants charged as part of this takedown specifically targeted our most vulnerable citizens, elderly Americans in nursing homes, individuals with disabilities, those battling illnesses, and more. For example, our prosecutors charged seven defendants, including five medical professionals, in connection with approximately $1,000,000,000 in fraudulent claims to Medicare and other health care benefit programs for performing medically unnecessary skin grass on dying patients as they were seeking to spend their final days with dignity and peace. That conduct is exactly as callous and disturbing as it sounds. Patients and their families trusted these providers with their lives. Instead of receiving care, they became victims of elaborate criminal schemes.

Do you remember Sam Bankman-Fried? He was seen as a genius, so powerful and wealthy that he attended meetings with prominent figures like Bill Clinton and Tony Blair while looking disheveled. Where is he now? I believe he is in prison, as noted in a Netflix series. That's right, he’s a crook. And who was responsible for his downfall? The Department of Justice.

The speaker states there is a tremendous amount of fraud, waste, and abuse. Elon is thanked for his partnership in uncovering fraud in the government, and the speaker claims those who have committed fraud will be prosecuted. Thanks to President Trump's directive, the speaker says they are seeking the death penalty again for violent criminals. Drug dealers are told to leave, because the 94 US Attorneys around the country will prosecute everyone to the fullest extent of the law.

The DOJ can't comment on ongoing investigations, but there has been a lot of activity recently. The DOJ doesn't act rashly; rules, requirements, and ethical considerations go into everything presented to a court, such as indictments or subpoenas. Despite the speaker only starting their job four months ago, and others joining even more recently, the DOJ has been incredibly active. The expectation is that there will be a lot of activity and increasing activity going forward on this front, as well as many others.

The speaker pledges to push for a single stock trading ban, arguing "it is the credibility of the House and the Senate" that is at stake from "eye popping returns," observed in figures like "Representative Pelosi, Senator Wyden," suggesting "every hedge fund would be jealous of them." They assert "the American people deserve better than this" and that "People don't shouldn't come to Washington to get rich." Instead, they should "come to serve the American people," as such trading undermines trust in the system, because "if any private citizen traded this way, the SEC would be knocking on their door."

Gary Gensler and the SEC are driving decentralization in the ecosystem. The SEC's involvement ensures regulatory compliance and encourages projects to do their legal homework. The SEC has deemed Ether decentralized and not a security. They are aware and vigilant, shutting down sales structures like EOS before they can launch. Despite this, the speaker believes it's important for the SEC to show they are watching. The speaker mentions their familiarity with people at the SEC, including Hester Pierce. Overall, they appreciate the SEC's efforts in the space.

We're uncovering massive fraud, waste, and abuse daily. Recently, it was discovered that there were $2.7 trillion in improper payments to Medicare, Medicaid, and overseas. Social Security payments are even going to deceased individuals. We're also seeing contracts where the full amount wasn't delivered. For example, a million-dollar contract might only see $500,000 distributed, and we're working to find where the rest of the money went. This is exactly what I campaigned on, and what 77 million people elected me to do.