President Donald J. Trump and Vice President JD Vance are aggressively shutting down the waste, fraud, and abuse that has drained billions from American taxpayers. As head of the White House Task Force to Eliminate Fraud, Vice President Vance this week called on officials at every level of government to join him in a pledge to protect vulnerable Americans, keep taxpayer-funded benefits for Americans only, stop fraud before the money goes out, and hold fraudsters accountable.
From the Cabinet to the states to Congress, officials are lining up behind the pledge:
Secretary of War Pete Hegseth: “The War Department is waging war against waste, fraud, and abuse. Proud to stand alongside @POTUS, @VP, and @WHFraudTF.”
Attorney General Todd Blanche: “I’m proud to stand with @POTUS Trump and @VP Vance in the fight against fraud. At @TheJusticeDept, we are committed to investigating…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.