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Tag Archives: SIGTARP

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 of America CFO Barred for 18 Months

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that a $7.5 million settlement has been reached with Bank of America’s former CFO, Joe Price, regarding the bank's actions as it sought to merge with Merrill Lynch & Co. in 2008.

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SIGTARP Offers Recommendations for HAMP

In its quarterly report to congress Wednesday, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) outlined its role as law enforcer for TARP recipients and as adviser to the Treasury. SIGTARP highlighted and reiterated a few of its previous recommendations, including increasing incentives for homeowners in the Home Affordable Modification Program (HAMP).

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Maryland Man Sentenced for Defrauding Homeowners

As a part of ongoing legal proceedings, the office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Brian Kelly was sentenced to one year and a day in federal prison for his participation in a $4 million nationwide home loan modification scheme.

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Loan Officer Pleads Guilty to Mortgage Fraud Scheme

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Delio Coutinho pleaded guilty to conspiracy to commit wire fraud. The New Jersey-based Coutinho admitted to his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

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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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4 Indicted in ‘Massive Bank Fraud Scheme’

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that four men—Sean Cutting, Brian Melland, Bijan Madjlessi, David Lonich—have been indicted on federal charges of conspiracy, bank fraud, wire fraud, money laundering, false statements to a bank, false bank entries, and obstruction of justice.

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Missouri Businessmen Plead Guilty to Fraud

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that James Crews and Michael Hilbert pleaded guilty to defrauding Excel Bank. According to plea agreements, Crews and Hilbert admitted to making false statements to Excel Bank with respect to escrow funds or “fix funds” set aside to repair rental homes financed through the bank.

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TARP Bank Executive Indicted on Bank Fraud Conspiracy

A former bank executive for a Troubled Asset Relief Program (TARP) bank has been indicted in a bank fraud conspiracy. The announcement came from the Office of the Special Inspector General for TARP (SIGTARP), which commented that Gary Alan Rickenbach of Little Rock, Arkansas has been indicted on one count of conspiracy to commit bank fraud.

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

HELOC

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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