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SIGTARP Semiannual Report for April 1, 2023 - September 30, 2023

Report Description: 
Ever since Congress created the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) under the Emergency Economic Stabilization Act (EESA), we have consistently delivered for American taxpayers. As an independent watchdog, SIGTARP has a proven record of identifying waste, abuse, ineffectiveness, inefficiency, and risk in EESA programs. As a law enforcement office, SIGTARP has a proven record of identifying and investigating fraud and other crimes. SIGTARP investigations have resulted in the recovery of more than $11.4 billion while coordinating with the Department of Justice (DOJ) and other law enforcement agencies to criminally prosecute 474 defendants - 326 of them sentenced to prison, including 75 bankers. Our investigations have also resulted in enforcement actions against 25 corporations/entities, including enforcement actions against many of the largest U.S. financial institutions. We continue to support DOJ and states on prosecutions related to bankers and co-conspirators investigated by SIGTARP. During this reporting period, SIGTARP investigations led to new charges, convictions, and sentencings. For example, an attorney from Southern California was sentenced to twelve months and a day in prison and two years of supervised release and ordered to pay a $50,000 fine. This attorney previously pled guilty to a money laundering conspiracy in which a participating TARP bank was used to launder illicit funds. The Home Affordable Modification Program (HAMP) ended on April 28, 2023. According to April 2023 data, HAMP is still providing much needed foreclosure relief to more than 550,000 participating homeowners living in all 50 states. Treasury paid $122.9 million in fiscal year 2023 and made its final advance payment of eligible incentives in March 2023. SIGTARP's investigations into the HAMP program have protected consumers seeking access to HAMP and who subsequently became the victims of scams. To date, SIGTARP has brought to justice 121 convicted scammers. The fact that an EESA program closes, or the defendant is no longer taking part in the program while SIGTARP’s investigation is pending, will not stop SIGTARP or prosecutors (such as the DOJ and state Attorneys General) from bringing justice and accountability to individuals or entities that violated the laws and could do so again. The time frame of our work is not tied to the time frame of U.S. Department of the Treasury or other entities administering funds in these programs. For example, while the Hardest Hit Fund closed in December 2021, SIGTARP investigations led to a $1.5 million civil settlement with the Detroit Land Bank Authority for claims related to unsubstantiated backfill costs in connection with the Blight Elimination Program. As you can see, SIGTARP continues to address illegal conduct within EESA programs. SIGTARP remains committed to fulfilling its mission to bring accountability for fraud, waste, and abuse through the agency’s anticipated closure in March 2024. This is SIGTARP’s last semi-annual report. SIGTARP’s last quarterly report will be submitted to Congress in January 2024. We greatly appreciate the opportunity we have had since 2008 to safeguard the public’s interest.
Date Issued: 
Monday, October 30, 2023
SARC Start Date: 
Saturday, April 1, 2023
SARC End Date: 
Saturday, September 30, 2023
Agency Reviewed / Investigated: 
Type of Report (Audit, Inspection / Evaluation, Review, etc.): 
Semiannual Report
Questioned Costs: 
Funds for Better Use: 
View Document: 

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