Investigations conducted by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) into crime and civil violations of the law related to the government's TARP program have resulted in the recovery of more than $1.48 billion as of December 31, 2014, according to an announcement from SIGTARP.
The government has collected $1.26 billion out of the amount collected, and the $224 million has returned to victims of TARP-related crimes. Since 2012, when SIGTARP began its investigations into those crimes. TARP was signed into law in 2008 by then-President George W. Bush in order to restore the nation's financial stability and restart economic growth.
SIGTARP's investigations have resulted in orders of restitution, forfeiture, civil judgments, and other government agreements totaling $7.38 billion. The Office expects to recover more than the $1.48 billion it has already recovered, since many investigations have not yet reached the conviction and sentencing or civil resolution phases that must be completed to issue a government order.
"SIGTARP was established by Congress to provide oversight, law enforcement, and accountability over the unprecedented, taxpayer-funded bailout known as TARP," said Christy Romero, Special Inspector General for TARP. "SIGTARP roots out crime related to TARP, and as a result of our investigations, $1.48 billion has already been returned to the government and to other victims of TARP-related crime and civil violations of the law. Profit must be taken out of crime, and SIGTARP and our law enforcement partners stand united in ensuring justice and accountability on behalf of federal taxpayers."
The investigations conducted by SIGTARP have resulted in criminal charges against 222 individuals, 143 of which were senior officers at their respective organizations. Criminal convictions of 160 individuals have been achieved while more await trial, and 91 of the individuals convicted have received prison sentences (more are awaiting sentencing). Civil cases and other actions have been brought against 66 individuals, 52 of which were senior officers, and 67 entities. In addition, 90 individuals have been either permanently or temporarily barred from working in the banking or financial services industry, working as a contractor with the federal government, working as a licensed attorney, or working for another type of business.