SIGTARP's Pursuit of TARP-Related Misconduct – No End in Sight

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On July 24, 2013, the Office of the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”) filed its latest Quarterly Report to Congress (the “July Report”). The July Report summarizes SIGTARP’s recent and cumulative successes in prosecuting misconduct relating to the TARP bailout program. The July Report serves as a stark reminder of SIGTARP’s robust enforcement powers and as an important warning to individuals and entities that touch TARP in any way that the agency is committed to aggressively pursuing TARP-related misconduct for many years to come.

SIGTARP was established by the Emergency Economic Stabilization Act of 2008 (as amended by the Special Inspector General for the Troubled Asset Relief Program Act of 2009), which also authorized TARP in response to the global financial crisis. Congress created SIGTARP to prevent, root out and prosecute fraud, waste and abuse associated with TARP. Congress provided SIGTARP broad investigatory powers to achieve its bold mandate, including the authority to search and seize property and to make arrests. Fittingly, SIGTARP describes itself as “a white-collar law enforcement agency.”

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Topics:  Bailout, Economic Downturn, Enforcement, Inspector General, Investigations, Law Enforcement, TARP, White Collar Crimes

Published In: Business Organization Updates, General Business Updates, Criminal Law Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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