Tag Archives: SIGTARP

Timothy P. Fitzgerald, 56, of Leawood, Kansas, pleaded guilty on Monday to participating in a scheme to defraud the Bank of Blue Valley, which eventually accepted approximately $21 million in troubled asset loans from the U.S. Treasury.

On Wednesday, U.S. District Judge Jed S. Rakoff ordered Bank of America to pay a significant civil penalty of $1.27 billion for fraud related to poor quality mortgages sold by Countrywide Financial Corporation, which Bank of America acquired in July 2008.

The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.

Federal authorities indicted four California men Thursday in connection with a bogus loan modification program that reportedly bilked hundreds of struggling homeowners out of millions of dollars nationwide at the height of the financial crisis.

The office of the Special Inspector General for the Troubled Asset Relief Program announced that Jesse Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc. was sentenced today to 24 months in federal prison and ordered to pay a $1.75 million dollar fine in connection to his conviction for defrauding consumers trading in residential mortgage backed securities.

Peter Hayes, a former lender at TARP recipient Wilmington Trust of Delaware, was charged in a seven count indictment in connection with an alleged bank fraud scheme in which he and others benefited at the expense of the bank.

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.

Marvin Solis of Richmond, California was sentenced to 27 months in federal prison and ordered to pay restitution for an investment fraud scheme perpetuated against family members. According to the Office of the Inspector General for the Troubled Asset Relief Program (SIGTARP), Solis pled guilty to two counts of wire fraud as a result of the scheme.

Leonard Potillo of Longwood, Florida has been charged in a 33-count indictment for wire fraud, bribing a bank official, and unlawful monetary transactions. Potillo is charged with operating an alleged $76 million fraud scheme involving the purchase and sale of delinquent debt portfolios from banks, according to the Office of the Special Inspector General for the Trouble Asset Relief Program (SIGARP).

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced the latest victory in its ongoing effort to protect taxpayers by combating fraud, waste, and abuse connected with the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP). Michael Edward Filmore of Chesterfield, Missouri was sentenced to four years in federal prison and ordered to pay $6.5 million in restitution for defrauding Pulaski Bank.