Primarily a law enforcement office, SIGTARP delivers justice and accountability for fraud, corruption or other illegal acts that harm EESA programs and put taxpayer dollars at risk. SIGTARP has concurrent jurisdiction with the FBI, and supports DOJ's prosecutions.
449 defendants have been criminally charged as a result of SIGTARP investigations. SIGTARP has a 97 percent DOJ conviction rate. Already 389 defendants have been convicted, 300 of them sentenced to prison, while others await trial/sentencing. SIGTARP's investigations have led to prosecutions of more than 100 bankers (including 77 sentenced to prison) and DOJ enforcement actions against the largest banks. This proven record gives us the expertise to investigate financial institutions in HAMP. SIGTARP also found defendants who scammed 30,000 homeowners trying to access HAMP, including 98 sentenced to prison. SIGTARP also investigates fraud, corruption, and environmental crimes in EESA-funded blight demolitions, and investigates homeowners stealing from HHF.
More than $11 billion has been recovered and SIGTARP has a cumulative 31 times return on investment. SIGTARP has one of the highest returns on investment of any office of inspector general. Each year, dollars recovered from SIGTARP's work far exceed our cost. In FY 2020 alone, the Federal government and victims recovered more than $157 million based on SIGTARP's investigations. FY 2019 recoveries were $900 million.
SIGTARP audits protect taxpayer dollars, speed assistance to Americans, and prevent future fraud, waste and abuse. SIGTARP identified $11 million wasted by HHF state agencies on a Mercedes Benz, parties, catered barbeques, employee gifts, and other perks. SIGTARP has recommended significant cost savings, identified mismanagement in HHF, and identified violations of legal and safety requirements in demolitions of blighted properties.