TARP Fraud Statistics
As the major financial institutions of American almost collapsed under the weight of toxic and failing assets, the government offered up a bailout solution to purchase these problem assets. The fund, known as the Trouble Asset Relief Program, or TARP, was originally granted a $700 billion ceiling by the federal government. However, this number has been significantly cut back by the reality of the asset purchasing program, reaching roughly $293 billion by November of 2010.
With such large amounts of federal money being offered to private-sector banks, many groups and individuals were worried about cases of rampant fraud. To prepare for this possibility, the government set up a special agency to watch TARP money and investigate suspected instances of fraud. Under this watchdog's eye, the government has illustrated the ability to reasonably track many instances of fraud.
The special inspector that oversees TARP fraud prevention has reported relative success in pursuing bailout fraud cases. According to the 2011 figures provided by the watchdog group, $555 million was saved in fraud prevention measures alone. In terms of pressing recovery initiatives and taking fraudulent banks to court, the group cited $152 in fraud recovery. According to their numbers, the end of January 2011 saw 142 ongoing investigations on both criminal and civil charges.
The False Claims Act has assisted the federal government with TARP fraud cases as it has in other instances of federal program fraud. This legislation gives citizens the right to bring forth a whistleblowing lawsuit against an organization or company suspected of fraud. The law protects these individuals from harsh legal recourse from the prosecuted group. In addition, a sizeable reward is available for the individual if they can win the case. It is important to turn over all of the evidence due to the limited amount of time a whistleblower is allowed.
Qui tam litigation, as it is more formally known, can prove an admirable way to use sensitive information to defend the federal government. This doctrine allows individuals to file lawsuits on behalf of the federal government if they hold evidence that the government has been defrauded by an employer. Committing fraud against the federal government results in paying large fines ranging from $5,000 to $10,000. Realtors may be entitled to benefits such as protection against retaliation from your company or employer and 15-30% of the damages awarded to the government. Taking action to file a lawsuit against an untrustworthy employer or company can be beneficial to you and the country.
With such large amounts of federal money being offered to private-sector banks, many groups and individuals were worried about cases of rampant fraud. To prepare for this possibility, the government set up a special agency to watch TARP money and investigate suspected instances of fraud. Under this watchdog's eye, the government has illustrated the ability to reasonably track many instances of fraud.
The special inspector that oversees TARP fraud prevention has reported relative success in pursuing bailout fraud cases. According to the 2011 figures provided by the watchdog group, $555 million was saved in fraud prevention measures alone. In terms of pressing recovery initiatives and taking fraudulent banks to court, the group cited $152 in fraud recovery. According to their numbers, the end of January 2011 saw 142 ongoing investigations on both criminal and civil charges.
The False Claims Act has assisted the federal government with TARP fraud cases as it has in other instances of federal program fraud. This legislation gives citizens the right to bring forth a whistleblowing lawsuit against an organization or company suspected of fraud. The law protects these individuals from harsh legal recourse from the prosecuted group. In addition, a sizeable reward is available for the individual if they can win the case. It is important to turn over all of the evidence due to the limited amount of time a whistleblower is allowed.
Qui tam litigation, as it is more formally known, can prove an admirable way to use sensitive information to defend the federal government. This doctrine allows individuals to file lawsuits on behalf of the federal government if they hold evidence that the government has been defrauded by an employer. Committing fraud against the federal government results in paying large fines ranging from $5,000 to $10,000. Realtors may be entitled to benefits such as protection against retaliation from your company or employer and 15-30% of the damages awarded to the government. Taking action to file a lawsuit against an untrustworthy employer or company can be beneficial to you and the country.
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