Some financial industry figures could face criminal charges for breaking laws during the financial crisis and ensuing recession, according to a bipartisan commission appointed by Congress to probe the matter.

The Financial Crisis Inquiry Commission has referred several cases to either state or federal authorities for potential prosecution, two sources involved in the deliberations tell the Huffington Post.

"Though civil charges appear a more likely outcome should prosecution result, one source familiar with the panel's deliberations said criminal charges should not be ruled out."

The commission, created in 2009, is working to determine the causes behind the financial crisis and can hand over evidence of any wrongdoings to authorities if it finds any.

The panel hasn't been free of partisan politics.

Republicans on the panel tend to blame government housing policies for dragging down the financial sector and ultimately, the economy with it, according to Reuters.

Democrats, on the other hand, want to focus on "shadow banking," or unregulated financial firms, and securitization of private mortgage debt.
The panel plans to release its report on the matter Thursday.

A spokesman for the commission wouldn't comment on the matter.
"I cannot comment on the commission's report or its activities until (Thursday) January 27th," spokesman Tucker Warren tells the Huffington Post.