Does TARP Fraud Prevention Work?
When the major financial institutions of America were declared too big to fail, the federal government infused the economy through many of these banks with billions of dollars. The bailout money, part of the Troubled Asset Relief Program, was originally slated to cost $700 billion. However, much less than that figure has been used. Even with a smaller sum in use, TARP fraud has proven a major concern for the federal government.
Contact the Qui Tam lawyers of Tycko & Zavareei, LLP, today by calling 202-973-0900 to learn more about how whistleblower protections under the False Claims Act could help you.
Fraud Prevention Successes
According to a Congressional budget report from November 2010, TARP funds used to purchase failed assets had reached $293 billion in total. The report also noted that a significant portion of this money had been repaid by the lending banks. However, with so much money available for failing banks, some individuals sought to defraud the government of significant sums for their own financial gain. To combat these problems, the government set up a special investigator for TARP funds. A report from this special investigator recorded the following activity as of 2011:
- 142 investigations of criminal and civil charges
- $152 million in recovered funds
- $555 million saved because of prevention measures
Considering the size of the TARP fund and its brief life as a form of government assistance, these figures prove that action against fraudulent parties can help recover significant portions of lost TARP money.
Contact Us
If you have information regarding fraudulent behaviors on behalf of a TARP recipient, the False Claims Act may enable you to pursue litigation. This legal action can help return taxpayer money to the federal government. To learn more about the protections and benefits of Qui Tam litigation, contact the Qui Tam attorneys of Tycko & Zavareei, LLP, at 202-973-0900 today.
