MANHATTAN, NEW YORK (BNO NEWS) — District Attorney Cyrus R. Vance, Jr. announced Thursday the formation of the Major Economic Crimes Bureau in Manhattan.

The Manhattan District Attorney’s Office has expanded its resources establishing a new bureau to advance its battle against elaborated economic crime. The newly established Major Economic Crimes Bureau will be formed by merging the Frauds Bureau, formed in 1938 by District Attorney Thomas E. Dewey, and the bureau known as Investigation Division Central (IDC).

Both, the Frauds Bureau and the IDC, have been for decades a leader in white-collar crime enforcement, including major securities and bank fraud prosecutions, insurance scams and public corruption cases.

Richard Weber, currently the Chief of the Asset Forfeiture and Money Laundering Section (AFMLS) of the United States Department of Justice, has been appointed as the Chief of the new bureau.

Mr. Weber will also be holding the position of Deputy Chief of the District Attorney’s Investigation Division, and is a veteran white collar-crime prosecutor with national and international involvement in some of the nation’s most complex financial crime prosecutions.

“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.”

The Major Economic Crimes Bureau will be responsible for all manner of complex financial investigations, which include 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.

“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,” said Mr. Weber. “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,” he added.