Articles Tagged with ''SIGTARP''

Damning report finds state agencies wasted millions meant for struggling homeowners

SIGTARP investigation uncovers waste within Hardest Hit Fund program
A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program. The report, published Friday by the Office of the Special Inspector General for the Troubled Asset Relief Program, showed that an investigation found that all 19 of the state housing finance agencies that participated in the Hardest Hit Fund collectively wasted money in some form.
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Brazen leader of massive mortgage modification scheme gets 20 years

Two co-conspirators sentenced to combined 19 years
Three California residents will spend a combined 39 years in prison after being convicted for their roles in a nationwide, multi-year mortgage modification fraud scheme that scammed thousands of distressed borrowers out of at least $11 million. The scheme’s ringleader used much of the money taken from distressed borrowers to lead an extravagant lifestyle, which included purchasing expensive vehicles, a racehorse, and producing a reality TV show.
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Former Cantor Fitzgerald mortgage bond trader charged with securities fraud

David Demos accused of defrauding firm that managed TARP funds
A former mortgage bond trader at Cantor Fitzgerald stands accused of committing securities fraud by allegedly overcharging customers for residential mortgage-backed securities, a collection of federal agencies announced Friday. Among the victims of this alleged scheme are asset managers and firms affiliated with or subsidiaries of recipients of funds from the Troubled Asset Relief Program, the government said.
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Failed bank CEO gets 14 months for trying to scam $13M in TARP funds

NOVA Bank's Brian Hartline faked investments in attempt to get bailout
The former president and chief executive officer of a failed bank will spend 14 months in prison after being convicted of faking millions of dollars in investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.
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SIGTARP moves to hold top brass accountable for bad bank behavior

End the era of the "insulated CEO"
Former Wells Fargo CEO John Stumpf and other Wells Fargo executives could still face criminal charges over how much the bank’s management knew about the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses. Even if Stumpf and the others don’t end up facing criminal charges, the Wells Fargo situation could still prove to be a tipping point as one financial regulator is proposing big changes that would hold executives personally responsible for the actions of their companies.
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Ringleader of 'largest mortgage modification scheme ever charged' found guilty

Scam defrauded more than 30,000 homeowners out of $31 million
A federal jury needed less than a half hour to convict the ringleader of what the Manhattan U.S. Attorney’s Office called the “largest mortgage modification scheme ever charged” on multiple charges. The case stems from a scheme that defrauded more than 30,000 struggling homeowners out of $31 million.
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Failed bank's CEO, chairman convicted of trying to scam $13M in TARP funds

NOVA Bank executives faked private investments in attempt to save failing bank
The former CEO of a failed bank and the former chairman of the bank’s board of governors conspired to fake millions of dollars of investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.
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