Special TARP Investigator Lists Dozens of Prosecutions

by Arkansas Business Staff  on Monday, Aug. 5, 2013 12:00 am  

The federal agency that is keeping tabs on TARP, the bank bailout program that dates to 2008, reported last month that it has pursued legal action against scores of bank executives who allegedly misused the taxpayer funds.

SIGTARP — the Office of the Special Inspector General for the Troubled Asset Relief Program — had more than 150 ongoing criminal and civil investigations as of July 11, according to the report for the third quarter of the federal fiscal year.

SIGTARP investigations “have delivered substantial results,” according to the report, which enumerated the following actions:

  • Criminal charges against 144 individuals, including 92 senior officers (CEOs, owners, founders or senior executives) of their organizations;
  • Criminal convictions of 107 defendants;
  • Prison sentences for 51 defendants, with others awaiting sentencing;
  • Civil cases and other actions against 58 individuals (including 44 senior officers) and 47 entities, including some individuals who also face criminal charges;
  • Orders suspending or banning 37 individuals from working in the banking or financial industry, working as federal contractors or as licensed attorneys; and
  • Orders of restitution, forfeiture and civil judgments totaling $4.3 billion, of which $161.9 million had been recovered.

No SIGTARP prosecutions has involved Arkansas financial institutions.



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