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Home | Tag Archives: TARP

Tag Archives: TARP

Sr. Bank Executive Pleads Guilty to Conspiracy

Sr. Bank Executive Pleads Guilty to Conspiracy

The office of the Special Inspector General for TARP (SIGTARP) announced another victory in its fight to detect and punish fraud against banks that received funds as part of the Troubled Asset Relief Program. Michael W. Yancey pleaded guilty on Wednesday to one count of conspiracy to make false statements on a loan application. Yancey was a former senior vice president and commercial loan officer at TARP recipient Farmers Bank & Trust (Farmers Bank) in Great Bend, Kansas.

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California Man Sentenced to 51 Months for Fraud

California Man Sentenced to 51 Months for Fraud

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Steven Pitchersky of Rancho Mirage, California was sentenced to 51 months in federal prison for a scheme to defraud GMAC Inc., since rebranded as Ally. Through his fraudulent actions, the company incurred losses of approximately $5.3 million.

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Former Bank President Pleads Guilty to TARP Fraud

Former Bank President Pleads Guilty to TARP Fraud

The Federal Reserve Board announced the issuance of a Consent Order of Prohibition against Darryl Woods, the former president and chairmen of the board of directors of Calvert Financial Corporation. Woods also served as the former CFO and chairman of the board of directors of Mainstreet Bank.

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Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury

Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury

Poppi Metaxas, former president and CEO of Gateway Bank of Oakland, California, was charged with bank fraud, bank fraud conspiracy, and perjury in relation to a sham "round trip" transaction. The scheme, initiated by Metaxas, caused Gateway to execute a false transaction in which the bank self-funded a down payment to make it appear that Gateway had sold toxic, non-performing mortgage loans.

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Senior RMBS Trader Convicted of Defrauding TARP

Senior RMBS Trader Convicted of Defrauding TARP

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced in a press release Friday that a federal jury in New Haven has convicted Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc., of multiple offenses involving schemes to defraud customers trading in residential mortgage-based securities (RMBS).

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Another Man Sentenced in Florida Wire Fraud scheme

Another Man Sentenced in Florida Wire Fraud scheme

A Florida man was sentenced on Tuesday to serve 12 months and one day in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Vernell Burris Jr. was sentenced to prison along with two other previously sentenced co-defendants, Christopher Godfrey and Dennis Fischer, in a continuing SIGTARP case.

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SIGTARP Charges Wisconsin Man with Wire Fraud

SIGTARP Charges Wisconsin Man with Wire Fraud

Christy Romero, Special Inspector General for the Trouble Asset Relief Program (SIGTARP), announced Tuesday in a press release that David Weimert, of Madison, Wisconsin, has been charged with six counts of wire fraud involving a real estate development transaction.

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Florida Men Sentenced for Defrauding Millions from Homeowners

Florida Men Sentenced for Defrauding Millions from Homeowners

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that two Florida men accused of defrauding homeowners have been sentenced to 84 months in federal prison. Christopher Godfrey and Dennis Fischer were sentenced to 7 years in prison Thursday, as well as a subsequent three years of supervised release, for initiating a scheme to defraud homeowners by charging fees for applications that are provided by the government for free.

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Florida Man Gets Six Years’ Jail Time for Defrauding TARP Recipients

Florida Man Gets Six Years’ Jail Time for Defrauding TARP Recipients

A 46-year-old Florida builder convicted of bank fraud, money laundering, and identity theft tied to three different banks and Troubled Asset Relief Program (TARP) funds was sentenced on January 16 to six years in federal prison and ordered to pay back more than $3.7 million. Lawrence Allen Wright, of Niceville, pleaded guilty to seven charges, among them, conspiracy to commit money laundering and making a false statement to a federally insured financial institution.

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