The inspector generals who have been looking at each one of these projects -- there's a panel of 10 inspector generals that reviews this -- there's very, very few -- I mean, less than a couple dozen that have been referred for further investigation, based on all the reports of any fraud coming in as a conduct of the program.
In April 2002 Spitzer announced he had found damning evidence that Merrill analysts had committed fraud on small investors by denigrating stocks in private while promoting them in research reports.
Mr. Kapur also repeatedly inflated his firm's assets under management in investor reports and invented a nonexistent management team, the SEC alleged in its civil-fraud suit.
Met officers received nearly twice as many reports of fraud from the borough alone than the total for any other force in the country - mostly from local councillors.