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Home | Tag Archives: TARP

Tag Archives: TARP

Father, Son Indicted on TARP Fraud Charges


Two Kansas men were indicted on multiple charges of defrauding a bank that was receiving government assistance out of more than $877,000, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero and U.S. Attorney for the District of Kansas Barry Grissom announced recently.

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SIGTARP Requests More Transparency from Treasury


The watchdog that oversees the money given under the Troubled Asset Relief Program (TARP) has called for more transparency from the U.S. Treasury Department. In a letter to Treasury Secretary Jack Lew dated September 2, the Special Inspector General for the Troubled Asset Recovery Program (SIGTARP), Christy Romero, stated that a SIGTARP audit found evidence that the Treasury Department modified "some of the data reported by the financial institutions" in a report on how TARP funds were spent.

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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

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

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


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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