If you can answer even one question below turn the bank in. Knowledge is power and its right here.
How to Report TARP Fraud and How to Report Bailout Program Fraud
Posted on 18 February 2013.
The government poured nearly $3
trillion into TARP and a dozen other new Bailout Programs. It is
estimated that between 10 percent and 30 percent of these funds are lost
to TARP fraud and Bailout Program fraud. That means TARP fraud and
bailout fraud exceed $500 billion.
This article shows you how to report Tarp and bailout fraud and earn a sizeable reward in the process.
The Department of Justice whistleblower reward program needs you to step forward if you have inside information to prove a company is cheating under TARP, Bailout programs, or any other misuse of federal government funds. In addition, the IRS is asking you to report companies that engage in financial trickery to significantly underreport taxes. Both the DOJ and IRS government reward programs pay you a portion of what the government collects as a result.
Below are examples of TARP Financial Fraud
- Using collateral already in default or that is from a fraudulent loan
- Lying about or overstating the value of property or dept rating
- Claiming the balance sheet is only levered 30 to 1 when it is not
- Hiding assets off-shore or overseas
- Having a separate balance sheet offshore or overseas
- Using overseas “shell” banks
- iding liabilities through the use of Special Purpose Vehicles (SPVs)
- iding liabilities through the use of Structured Investment Vehicles (SIVs)
- Concealing contingent liabilities
- Overstating assets or understating liabilities
- Inflating earnings
- Disguising loans that should be classified as debt
- Booking ordinary expenses as capital expenses
- Mis-stating debt
- Stealing from government accounts
- Charging the government hidden fees that were not allowed• Failing to credit the government with interest or gains
- Using fake capital loss transactions or back dating trades
- Selling fake capital loss transactions to corporate clients and high net worth individuals
It’s unspeakable to cheat during a financial crisis. That’s why the U.S. Department of Justice is offering huge monetary rewards for reporting Tarp and bailout fraud.
The government will pay up to 30% of what it recovers based upon your report of TARP or bailout fraud. That often amounts to over a million dollar reward. The largest rewards top $100 million.
However, knowing how to report TARP or bailout fraud is just as important as knowing about TARP or bailout fraud. First, you must use a lawyer to file for a monetary reward under the federal False Claims Act. You must also strictly follow the government’s rules and process. You can’t simply call a hotline, but must file specific filings in federal court. That’s why you must use an attorney experienced with the False Claims Act. (They use a contingency fee so you won’t have out of pocket costs.) It is worth the effort because you can help salvage the broken system, stop cheaters, and ge a significant monetary reward. It’s time for you to learn how to report TARP or bailout fraud and step forward.
Written By: Joel Hesch, Esq
Joel Hesch spent 15 years as an attorney in the Fraud Division of the Department of Justice (1990-2006) administering the national whistleblower reward program. He is the author of a recent book, Whistleblowing: A Guide to Government Reward Programs (How to Collect Millions of Dollars for Reporting Fraud). He is currently a law school professor and represents whistleblowers filing for monetary rewards for reporting fraud. Please visit his informative website, www.HowToReportFraud.com, to learn more about government reward programs.
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