Eastern District of New York collects nearly $1.8 billion in fiscal year 2023

January 30, 2024 Robert Abruzzese, Courthouse Editor

The Brooklyn Eastern District Federal Courthouse

The Eastern District Federal Courthouse in Brooklyn.
Photos: Robert Abruzzese/Brooklyn Eagle

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The U.S. Attorney’s Office for the Eastern District of New York announced that it collected nearly $1.8 billion in criminal and civil actions during Fiscal Year 2023.

U.S. Attorney Breon Peace reported that the office collected $273,839,971.81 from criminal actions and a $1,513,910,494.25 from civil actions, with contributions from collaborative efforts with other U.S. Attorney’s Offices and the Department of Justice.

“I take great pride in the Eastern District’s substantial recoveries in Fiscal Year 2023, which is the result of our team’s strong commitment to justice and holding wrongdoers accountable for their crimes and misconduct,” Peace said. “Providing restitution to victims of crime is also an important step in remedying the harm they have suffered and reaching some closure.”

A major settlement was reached with UBS AG and its U.S.-based affiliates, agreeing to pay $1.435 billion in penalties over allegations related to the underwriting and issuance of residential mortgage-backed securities leading up to the 2008 financial crisis.

In addition to these collections, the Eastern District’s office, in coordination with partner agencies, amassed over $722 million in asset forfeiture actions. These funds are earmarked for victim restitution and various law enforcement purposes.

However, the practice of civil asset forfeiture, integral to these collections, remains controversial.

The American Civil Liberties Union (ACLU) has criticized the misuse of civil asset forfeiture laws, which allow police to seize property alleged to be involved in a crime, often without the owner being charged or convicted.

This practice has been criticized for prioritizing profit over crime-fighting and for the significant challenges it poses to owners attempting to reclaim their property. The ACLU highlights the growing calls for reform in this area, emphasizing the need for a more just and equitable application of forfeiture laws.