Sigtarp promises more aggressive prosecutions in US
The US has taken an aggressive stance in prosecuting those involved in the financial crisis. The Special Inspector General for the Troubled Asset Relief Program (Sigtarp) has so far jailed 43 individuals for fraud, waste and abuse related to Tarp. Prosecutions are expected for some years to come. Christy Romero, the inspector general, speaks to OpRisk about the success of the agency
On June 28, 2013, Scott Powers and David McMaster, the former chief executive and former officer of Arizona-based mortgage loan originator American Mortgage Specialists, were sentenced to serve 96 and 188 months in prison, respectively. They were imprisoned for their roles in a scheme to defraud North Dakota-based BNC National Bank; the two men had lied to the bank about the size and success of their mortgage sales programme, causing BNC to continue funding the lender. Ultimately, the fraud cost
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