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Financial fraud in U.S. growing problem

States and the federal government woefully lack the ability to deter financial fraud and white collar crime. Florida is a prime example as its level of criminal activity has escalated 270% in the last five years. Nationally, the underestimation is even greater. Adjusted in terms of the 2005 Consumer Price Index, the U.S. figure now stands at $1,172,800,000,000. That is $1,172.8 trillion, an incomprehensible number.

Even though states and the federal government are obligated to protect citizens, their initiatives are after-the-fact driven. By not being capable to provide a proactive deterrent, the problem has escalated beyond anyone`s comprehension.

Law enforcement, whether on a state or federal level, is restricted in their ability to perform oversight, surveillance and enforcement. As taken from a national study, done By Dr. Tim Lynch, at the Center for Economic Forecasting and Analysis at Florida State University, the conclusion reached was that statewide crime costs Florida $27.4 billion compared to $11.7 billion for residents in 2004. The seriousness nature of Florida`s problem has been underestimated by 27 times or 270%. On a U.S. basis, the figure for financial fraud and white collar crime is even more grossly miscalculated and incomprehensibly greater than perceived.