Special Inspector General for 

TARP

FY 2017

President’s Budget Submission

February 9, 2016
SIGTARP - 2

Table of Contents

Section 1 – Purpose ....................................................................................................................... 3

1A – Mission Statement.............................................................................................................. 3

1.1 – Appropriations Detail Table .............................................................................................. 3

1B – Vision, Priorities, and Context........................................................................................... 3

Section 2 – Budget Adjustments and Appropriations Language ........................................... 11

2.1 – Budget Adjustments Table............................................................................................... 11

2A – Budget Increases and Decreases Description................................................................... 11

2.2 – Operating Levels Table.................................................................................................... 12

2B – Appropriations Language and Explanation of Changes................................................... 13

2C – Legislative Proposals........................................................................................................ 13

Section 3 – Budget and Performance Plan ............................................................................... 14

3A – Audit................................................................................................................................. 14

3.1.1 – Audit Budget Activity Budget and Performance Plan.................................................. 15

3B – Investigations ................................................................................................................... 15

3.1.2 – Investigations Budget and Performance Plan ............................................................... 17

Section 4 – Supplemental Information...................................................................................... 18

4A – Summary of Capital Investments..................................................................................... 18
SIGTARP - 3

Section 1 – Purpose

1A – Mission Statement

To advance economic stability through transparency, coordinated oversight, and robust 

enforcement related to the Troubled Asset Relief Program (TARP). 

1.1 – Appropriations Detail Table

Dollars in Thousands

Special Inspector General for TARP FY 2015 FY 2016 FY 2017 FY 2016 to FY 2017

Appropriated Resources Enacted Enacted Request $ Change % Change

 FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

New Appropriated Resources:

Audit 75 9,243 50 8,870 48 8,644 (2) (226) -4.00% -2.55%

Investigations 117 24,991 142 31,801 136 32,516 (6) 715 -4.23% 2.25%

Subtotal New Appropriated Resources 192 $34,234 192 $40,671 184 $41,160 (8) $489 -4.17% 1.20%

Other Resources:

Unobligated Balances from Prior Years 0 10,957 0 6,495 0 3,790 0 (2,705) 0.00% -41.65%

Available PPIP Funds 0 965 0 928 8 1,548 8 620 0.00% 66.81%

Subtotal Other Resources 0 $11,922 0 $7,423 8 $5,338 8 ($2,085) 0.00% -28.09%

Total Budgetary Resources 192 $46,156 192 $48,094 192 $46,498 0 ($1,596) 0.00% -3.32%

1B – Vision, Priorities, and Context

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) 

was created by Congress to protect taxpayers who funded the TARP from fraud, waste, and 

abuse through SIGTARP oversight and audits, and through investigations to combat fraud and 

other crime. SIGTARP is a white-collar law enforcement agency with the authority to search, 

seize, and arrest. Fraud prevention and law enforcement are at the heart of SIGTARP’s mission. 

Congress aligned SIGTARP’s sunset with the length of time TARP funds or commitments are 

outstanding. TARP’s Home Affordable Modification Program will continue to at least 2023. 

In accordance with the requirements of section 6(f)(1) of the Inspector General Act of 1978, as 

amended, SIGTARP submits the following information related to the FY 2017 budget request:

• The aggregate budget request for the operations of SIGTARP is $41,160,000;

• The portion of this amount needed for SIGTARP training is $356,000; and

• The portion of this amount needed to support the Council of the Inspectors General on 

Integrity and Efficiency is estimated at $111,000.

Strategic Goals and Objectives

SIGTARP supports and complements the Department of the Treasury’s Strategic Goal 1: 

Promote domestic economic growth and stability while continuing reforms of the financial 

system. In particular, through its oversight, audits, and investigations related to TARP;

SIGTARP supports Objective 1.1: Promote savings and increased access to credit and affordable 

housing options, and Objective 1.3: Complete implementation of financial regulatory reform 

initiatives, continue monitoring capital markets, and address threats to stability.
SIGTARP - 4

Additionally, through its audits, quarterly reports to Congress, and open and transparent 

communication with Congress, SIGTARP supports Treasury’s Strategic Goal 5: Create a 

21st-century approach to government by improving efficiency, effectiveness, and customer 

interaction. Through audits, quarterly reports to Congress and expedient responses to inquiries 

from Congress, SIGTARP supports Objective 5.4: Create a culture of service through relentless 

pursuit of customer value.

FY 2017 Priorities 

SIGTARP audits and reports protect TARP dollars and programs and can help detect potential 

fraud, waste, and abuse

SIGTARP has always used a combination of audits and investigations to protect TARP for 

taxpayers. Protecting the more than $450 billion bailout dollars obligated for 12 different TARP 

programs, and enforcing the law, is a daunting challenge. SIGTARP accepts that challenge the 

only way it knows how to. SIGTARP gets smart about out-of-the-ordinary TARP programs that 

evolve and span different industries. SIGTARP recommends ways for Treasury to reduce 

vulnerabilities, and SIGTARP conducts criminal investigations. 

SIGTARP develops ways to find TARP-related crime, a task that is not easy, and has evolved as 

the definition of TARP-related crime keeps changing and spans different industries. As TARP 

has shifted away from Treasury investments in large institutions, SIGTARP has shifted its audit 

and oversight work to focus on looking for vulnerabilities in TARP to fraud, waste, and abuse, or 

improper payments, in ongoing TARP programs. This is in addition to SIGTARP’s efforts to 

make these programs more effective and efficient. For example, as Treasury has approved 

$433 million in TARP to seven states for the demolition of vacant houses, and approved 

$153 million in TARP funds to first-time homebuyers, both new activities in TARP, SIGTARP 

through audit and oversight work is protecting that money and those programs, recently making 

23 recommendations to reduce vulnerabilities in both subprograms. 

With each SIGTARP audit and report, SIGTARP protects additional TARP dollars and TARP 

programs. New activities under TARP also require SIGTARP to develop new investigative 

strategies. With $18.5 billion remaining to be spent on TARP housing programs, it is critical 

that SIGTARP continue to protect those programs. 

SIGTARP’s audit and oversight work also helps detect fraud, waste, and abuse. SIGTARP 

recently created a forensic auditing unit to provide better insight into fraud, waste, and abuse. 

SIGTARP expects that unit to make public recommendations to reduce vulnerabilities and 

generate non-public leads for SIGTARP’s confidential investigative work.

Actual recoveries from SIGTARP investigations are $2.57 billion in addition to immediate 

government cost savings of $553 million in TARP

SIGTARP is ensuring that TARP crime does not pay by taking the profit out of crime. 

SIGTARP has escalated its efforts and realized a seventeen fold increase in recovered funds lost 

to TARP crime or civil violations of the law, a crucial component of long-term recovery from the 

crisis. SIGTARP has already assisted in recovering $2.57 billion through its investigations that 

has been paid back to the government or other victims, which is more than 10 times the amount 

that has been appropriated to SIGTARP. 
SIGTARP - 5

SIGTARP anticipates even more financial recovery for the government and other victims. 

SIGTARP’s investigations have resulted in court orders and government agreements for 

$8.59 billion to be returned to the government or other victims. 

Having already assisted in the recovery of $2.57 billion of these funds, it is SIGTARP’s priority 

to pursue additional recoveries from the remaining $6.02 billion including by finding additional 

assets. 

SIGTARP’s investigation of Colonial Bank resulted in an immediate savings of $553 million in 

TARP funds that Treasury had already approved to invest in the bank. Based on SIGTARP’s 

communications with Treasury, Treasury stopped the TARP money just prior to disbursement. 

Colonial Bank did not receive the $553 million in TARP funds that Treasury approved, all of 

which would have been lost when the bank failed. SIGTARP’s audit and oversight work also 

SIGTARP’s ESCALATED EFFORTS INCREASED MONEY

ORDERED/AGREED TO BE PAID (CUMULATIVE)

$0.01B $0.16B

$3.89B $4.15B

$4.68B

$7.38B

$8.59B

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2009 2010 2011 2012 2013 2014 Dec 2015

+$0.15B +$3.73B

+$0.26B +$0.53B +$2.70B +$1.21B

Asset Recovery (Millions)
SIGTARP - 6

has a net positive impact, though the calculation of that benefit is inherently imprecise and its 

impact is difficult to measure. 

More than 300 defendants investigated by SIGTARP have been charged with crimes, More 

than 200 defendants investigated by SIGTARP have been convicted of crimes related to the 

government’s response to the financial crisis known as TARP, and More than 100 of these 

defendants have been sentenced to prison for their crimes

SIGTARP has reached three significant milestones: 1) More than 300 (329) defendants that 

SIGTARP investigated have been charged with TARP-related crimes — more than four times 

the number charged in the past three years; 2) More than 200 (227) defendants that SIGTARP

investigated have been convicted of TARP-related crimes — almost tripling the number 

convicted in the past three years; and 3) More than 100 (141) defendants that SIGTARP

investigated have been sentenced to prison for their crimes related to TARP. The number of 

defendants sentenced to prison nearly quadrupled — 35 to 141 defendants — in three years. 

Sentencing follows years of SIGTARP’s investigations and criminal prosecution. SIGTARP

expects that number to rise. There are 50 additional defendants that SIGTARP investigated who 

have already been convicted of their crimes and await sentencing by the court. 

CRIMINAL CONVICTIONS RESULTING FROM RAMP UP

IN SIGTARP’S SUPPORT OF PROSECUTING (CUMULATIVE)

2 9

28

71

112

146

227

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014 Dec 2015

+7 +19 +43 +41 +34 +81

CONVICTIONS INDIVIDUALS

INCREASE IN DEFENDANTS INVESTIGATED BY SIGTARP

WHO WERE SENTENCED TO PRISON (CUMULATIVE)

1 3

19

35

65

87

141

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013 2014 Dec 2015

+2 +16 +16 +30 +22 +54
SIGTARP - 7

These showcase the difference SIGTARP can make by combining forces with the prosecutors in 

the Department of Justice (DOJ) and its other law enforcement partners. As a law enforcement 

team standing firm together against bailout-related crime, SIGTARP is bringing more 

accountability and justice to reprehensible crimes related to the government’s extraordinary 

action funded by taxpayers in TARP. 

SIGTARP has been increasingly successful in identifying and investigating TARP-related crime, 

ramping up its law enforcement efforts in the last few years. This ramp up is a direct 

consequence of successful prosecutions based on SIGTARP’s work. With each prosecution, 

SIGTARP gains significant expertise in how to uncover and unravel TARP-related crime and 

obtain the evidence DOJ needs to prosecute defendants successfully. 

SIGTARP has much more to do in the fight against TARP bailout-related crime as it reaches

a turning point investigating crime inside TARP banks and supporting prosecutions of TARP 

bankers

SIGTARP has much more to do in the fight against TARP-bailout related crime. SIGTARP is

only on the cusp of bringing justice through prosecutions in its highest-priority cases — crime 

inside TARP banks. Only 11 of the 141 defendants sentenced to prison so far are TARP bankers 

(along with six of their co-conspirators). 

Recently, SIGTARP had three critical victories when three trials ended with both juries 

convicting a TARP bank officer investigated by SIGTARP

On March 26, 2015, following a six-week trial, a federal jury found senior officer Ebrahim 

Shabudin, a senior officer of TARP recipient United Commercial Bank (UCB) guilty on all 

counts in “one of the largest criminal prosecutions brought the Department of Justice of 

wrongdoing by bank officers arising out of the 2008 financial crisis,” (as described by DOJ). 

Shabudin’ s conviction along with the criminal conviction of Senior Vice President Thomas Yu 

and CFO Craig On, came after five years of SIGTARP and its law enforcement partners finding 

and unravelling a hidden financial fraud scheme at a TARP-recipient bank with a magnitude of 

losses exceeding half a billion dollars. UCB was the first TARP bank to fail and the ninth largest 

bank to fail since 2007, causing losses of more than $300 million to TARP and $677 million to 

the Federal Deposit Insurance Corporation (FDIC). 

The following week, on April 3, 2015, after a five-day trial, another federal jury found David 

Weimert, senior officer of Anchor Bank, a TARP recipient, guilty on five counts of fraud, 

another prime example of SIGTARP’s recently growing success finding and prosecuting fraud 

by TARP bankers. The successful investigation and prosecution represents another critical 

victory in SIGTARP’s fight against TARP bailout-related crime. 

On December 17, 2015, a jury returned guilty verdicts for the chairman of failed TARP bank 

Premier Bank and his wife (senior officer and general counsel of Premier Bank), who SIGTARP 

investigated. These two TARP bankers were found guilty of defrauding First Midwest Bank, 

which was also a TARP bank, during the crisis by submitting false information to the bank in 

workout agreement after they defaulted on an $8 million loan they obtained in 2009 from First 

Midwest Bank. 
SIGTARP - 8

It is SIGTARP’s mission to ensure that no TARP banker gets away with a crime that hurts a 

TARP bank, no matter the size of the fraud. 

Unlike other TARP-related crime, it has been a much harder road for SIGTARP to bring results 

against TARP bank officers where the fraud is concealed under layer upon layer of secrecy, and 

the bank often looks healthier than it is because the TARP capital covers losses that would 

otherwise be exposed. Unlike the savings and loan crisis where investigators received thousands 

of referrals from regulators to develop patterns and criminal clues, it is rare for SIGTARP to 

receive a referral from regulators or tips from whistleblowers. Without that assistance of those 

with access inside the bank, SIGTARP has worked to overcome a steep learning curve to find 

hidden fraud.

While it took time, SIGTARP honed its expertise in finding crime inside a TARP bank. Since 

the beginning of fiscal year (FY) 2013, SIGTARP has produced more results. SIGTARP’s 

investigations have now resulted in criminal charges against 48 TARP bankers as it gained 

greater expertise with each case, leading SIGTARP to find and unravel fraud at TARP banks 

even with no whistleblower or regulatory referral. SIGTARP has gotten smarter about how to 

look behind false books by learning with each bank case how insiders at banks conceal their 

crime. SIGTARP anticipates the number of criminal charges and convictions of TARP bankers 

to rise through and beyond FY 2017. 

The chart below shows SIGTARP’s escalating ability to investigate crime by TARP bankers to 

the point where prosecutors bring criminal charges.

Criminal charges are the first step to bring justice. SIGTARP works with the end in mind —

conviction and sentencing. It is the important role of SIGTARP to ensure that prosecutors have 

all of the evidence to prove guilt beyond a reasonable doubt. In some cases, the case will go to 

trial and SIGTARP plays an integral part during the trials. SIGTARP agents or investigators 

testify at some trials. SIGTARP’s work supporting prosecutions has been very successful, with 

TARP RECIPIENT BANKERS CRIMINALLY CHARGED

RESULTING FROM A SIGTARP INVESTIGATION

(CUMULATIVE)

0 0

8 8

17

29

48

0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 Dec 2015

+0 +8 +0 +9 +12 +19
SIGTARP - 9

escalating results as cases reach the trial stage or guilty plea. As the chart below shows, 32 of 

the 48 charged TARP bankers investigated by SIGTARP have already been convicted of their 

crime.

Because TARP is complex, SIGTARP criminal investigations take time; trials take time; 

sentencings take time. But holding criminals accountable and deterring future crime is worth it. 

Sentences in SIGTARP cases average 59 months — substantially more than the 36-month 

average for white-collar crime — indicating the complexity, damage, reach, and sophistication of 

the criminal schemes SIGTARP uncovers. 

Larger Operating Environment

SIGTARP’s strategy to shift organization and staffing to meet mission critical priorities

Increase the number of Criminal Investigation Series (1811) special agents

In FY 2015, SIGTARP began embarking on a strategy to increase its number of 1811 special 

agents. The first part of that strategy was to identify vacancies throughout SIGTARP and 

convert many of those to 1811 positions. Other offices throughout SIGTARP are being asked to 

make do with fewer personnel. 

Increase audit focus on risk in TARP housing programs

With $18.5 billion left to be spent on ongoing TARP housing programs, SIGTARP has 

developed a strategy to find vulnerabilities to fraud, waste, and abuse and find areas of 

inefficiencies through a revamped SIGTARP Audit Division. SIGTARP’s audit work is heavily 

focused on the critical work that is needed to oversee $37.5 billion in TARP housing programs. 

Beginning in mid-2013, Treasury expanded TARP activities on the demolition of vacant 

properties. In FY 2014, these demolitions started and Treasury increased its allocation to 

$433 million by adding a seventh state recipient. SIGTARP works hard to identify 

vulnerabilities. SIGTARP recently issued an audit finding that the demolition strategy, 

decisions, and activities are done by contractors and subcontractors far removed from Treasury, 

whose identity is unknown to Treasury, with little information flowing to Treasury

TARP RECIPIENT BANKERS CONVICTED RESULTING

FROM A SIGTARP INVESTIGATION (CUMULATIVE)

0

2

5

8

17

32

0

5

10

15

20

25

30

35

2010 2011 2012 2013 2014 Dec 2015

+2 +3 +3 +9 +15
SIGTARP - 10

Creation of forensic audit group

In addition, to be more aligned with other offices of inspectors general, SIGTARP created a 

forensic audit group with more particularized analytical skill sets and experience to protect 

against fraud, waste, and abuse related to the TARP housing programs including Blight 

Elimination. 

Other savings

In order to be fiscally responsible, in FY 2015, SIGTARP made other cost-cutting measures that 

will result in cost savings now and in the future. SIGTARP reclassified 42 positions from 

needing top-secret clearance to secret clearance. This change will bring in future years,

including FY 2017, tighter controls over those with access to top-secret information and is 

projected to result in cost savings. SIGTARP also recognized information technology cost

savings from Treasury.

Loss of direct hire

A challenge to SIGTARP’s mission is the expiration of its direct hiring authority. SIGTARP’s 

ability to staff is adversely impacted by the absence of direct hire authorization. As a temporary 

agency, attrition has always been a problem for SIGTARP.

SIGTARP is an agency in the process of growing. SIGTARP is at the mid-point of being able to 

fulfill its law enforcement responsibilities and its oversight of TARP to prevent fraud, waste, and 

abuse. SIGTARP is committed to fighting fraud and other crime in TARP and using what it

learns in audits and investigations to make recommendations aimed at reducing vulnerabilities to 

fraud, waste, and abuse. SIGTARP is leaving TARP and the financial system safer than it found 

it. SIGTARP has much more it can do and must do. There is more to come.
SIGTARP - 11

Section 2 – Budget Adjustments and Appropriations Language

2.1 – Budget Adjustments Table

Dollars in Thousands

Special Inspector General for TARP FTE Amount

FY 2016 Enacted 192 $40,671

Changes to Base

Maintaining Current Levels (MCLs) 0 $588

Pay-Raise 0 $303

Pay Annualization 0 $101

Non-Pay 0 $184

Efficiency Savings (8) ($99)

Technical FTE Adjustment (8) $0

Efficiency Savings 0 ($99)

Subtotal Changes to Base (8) $489

Total FY 2017 Base 184 $41,160

Total FY 2017 Request 184 $41,160

2A – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs) .........................................................+$588,000 / +0 FTE

Pay-Raise +$303,000 / +0 FTE 

Funds are requested for the proposed January 2017 pay-raise.

Pay Annualization +$101,000 / +0 FTE 

Funds are requested for annualization of the January 2016 pay-raise.

Non-Pay +$184,000 / +0 FTE 

Funds are requested for non-labor costs such as travel, contracts, rent, and equipment.

Efficiency Savings ............................................................................................-$99,000 / -8 FTE

Technical FTE Adjustment -$0 / -8 FTE 

The technical FTE adjustment reduces the appropriated FTE level but does not reduce 

SIGTARP’s overall FTE levels. The eight FTE will be absorbed in SIGTARP’s PPIP fund to 

more accurately reflect work performed and prior-year usage. 

Efficiency Savings -$99,000 / -0 FTE 

SIGTARP will reduce costs through efficiencies identified in technology investments. 
SIGTARP - 12

2.2 – Operating Levels Table 

Dollars in Thousands

Special Inspector General for TARP FY 2015 FY 2016 FY 2017

Object Classification Actual Enacted Request

11.1 - Full-time permanent 16,530 20,318 21,788

11.3 - Other than full-time permanent 1,858 2,780 1,799

11.5 - Other personnel compensation 1,684 2,046 2,120

11.9 - Total personnel compensation 20,072 25,144 25,707

12.0 - Personnel benefits 5,904 6,710 8,184

Total Personnel Compensation and Benefits $25,976 $31,854 $33,891

21.0 - Travel and transportation of persons 876 912 1,000

23.2 - Rental payments to others 270 271 272

23.3 - Communication, utilities, and misc charges 100 115 103

24.0 - Printing and reproduction 172 161 162

25.1 - Advisory and assistance services 2,280 2,667 2,320

25.2 - Other services from non-Federal sources 346 283 333

25.3 - Other goods and services from Federal sources 10,737 10,969 7,491

25.6 - Medical care 103 75 100

25.7 - Operation and maintenance of equipment 38 58 48

26.0 - Supplies and materials 441 333 448

31.0 - Equipment 203 359 260

42.0 - Insurance claims and indemnities 0 27 60

91.0 - Unvouchered 0 10 10

Total Non-Personnel 15,566 16,240 12,607

Subtotal New Appropriated Resources $41,542 $48,094 $46,498

Budget Activities:

Audit 7,893 10,266 9,440

Investigations 33,649 37,828 37,058

Total Budgetary Resources $41,542 $48,094 $46,498

FTE 150 192 192

Note: This table includes all available resources, including SIGTARP's annual appropriation and remaining no-year 

funds.
SIGTARP - 13

2B – Appropriations Language and Explanation of Changes

Appropriations Language Explanation of Changes

DEPARTMENT OF THE TREASURY

SPECIAL INSPECTOR GENERAL FOR THE TROUBLED 

ASSET RELIEF PROGRAM

Federal funds

SALARIES AND EXPENSES

For necessary expenses of the Office of the Special Inspector 

General in carrying out the provisions of the Emergency 

Economic Stabilization Act of 2008 (Public Law 110-343) 

[$40,671,000] $41,160,000. (Department of the Treasury 

Appropriations Act, 2016.)

2C – Legislative Proposals

SIGTARP has no legislative proposals.
SIGTARP - 14

Section 3 – Budget and Performance Plan

3A – Audit

($8,644,000 from direct appropriations): 

The Audit budget activity supports SIGTARP’s priority of coordinated oversight by providing 

recommendations to Treasury to improve the effectiveness and efficiency of TARP programs, 

bringing transparency to decisions made in TARP, and preventing fraud, waste, and abuse. 

SIGTARP conducts, supervises, and coordinates programmatic audits of TARP without 

sacrificing the rigor of required methodology. 

Description of Performance:

The performance measure “Number of Completed Audit Products” includes issuing audit 

products that promote the efficiency and effectiveness of TARP and prevent waste, fraud, and 

abuse. SIGTARP developed an audit plan using a risk-based planning process to identify 

projects that will provide the maximum benefit to TARP, Congress, and the taxpayers. The 

maximum benefit is to assure the general public that TARP funds are not expended by recipients 

or other entities on waste, fraud, or abuse. 

Given the urgency of TARP, SIGTARP also initiates recommendations to improve TARP 

outside of an audit or evaluation. SIGTARP’s reports and recommendations raise awareness to 

obstacles that could stand in the way of TARP program effectiveness or efficiency and protect 

against fraud, waste and abuse. 

SIGTARP’s complete listing of recommendations may be reviewed in their entirety 

at https://www.sigtarp.gov/Quarterly%20Reports/January_28_2016_Report_to_Congress.pdf

pages 48-69. 

SIGTARP met its target of eight audit products for FY 2015. In recognition of the shift of 

increasing resources to law enforcement and to reflect expected results of the new forensic audit 

unit, SIGTARP is changing this target in FY 2016 to more accurately reflect the relationship 

between the Audit and Investigations activities. The new measure, “Number of Completed 

Audit Products including Referrals to Investigations Division” tracks the ties between the two 

activities and continues to measure the number of audit reports that promote the efficiency and 

effectiveness of the TARP. The target for this new metric is seven in FY 2016 and seven in

FY 2017.

In FY 2015, SIGTARP added a new measure to track the responsiveness of information flow and 

transparency between SIGTARP and Congress. The measure “Percentage of Congressional 

Inquiries Responded to within 45 Days of Receipt” tracks SIGTARP’s promptness in providing 

developments of its oversight activities to Congress. In FY 2015, SIGTARP exceeded its 

85 percent goal in all inquiries, responding within 45 days 100 percent of the time. SIGTARP’s 

targets are 85 percent for FY 2016 and 85 percent for FY 2017.
SIGTARP - 15

3.1.1 – Audit Budget Activity Budget and Performance Plan

Dollars in Thousands

Audit Budget Activity

Resource Level FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Actuals Actuals Actuals Actuals Actuals Enacted Enacted Request

 Appropriated Resources $9,900 $10,581 $13,789 $10,376 $7,219 $9,243 $8,870 $8,644

 Other Resources $3,837 $512 $0 $0 $1,947 $2,958 $1,396 $796

Budget Activity Total $13,737 $11,093 $13,789 $10,376 $9,166 $12,201 $10,266 $9,440

Measure FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2015 FY 2016 FY 2017

Actual Actual Actual Actual Actual Actual Target Target Target

Number of Completed 

Audit Products (Units)

9 13 13 10 10 8 8 DISC DISC

Number of Completed 

Audit Products including 

Referral to Investigations 

Division (Units)

N/A N/A N/A N/A N/A N/A N/A 7 7

Percentage of 

Congressional Inquiries 

Responded to within 45 

Days of Receipt

N/A N/A N/A N/A N/A 85 85 85 85

Key: DISC – Discontinued

3B – Investigations

($32,516,000 from direct appropriations): 

The Investigations budget activity supports SIGTARP’s priority of robust law enforcement of 

crimes and other violations of the law related to TARP. This activity supports and complements 

Treasury’s Strategic Goal 1: promote domestic economic growth and stability while continuing 

reforms of the financial system. In particular, the Investigations activity supports Objective 1.3: 

complete implementation of financial regulatory reform initiatives, continue monitoring capital 

markets, and address threats to stability by investigating cases of fraud and abuse related to 

TARP.

SIGTARP conducts criminal and civil investigations related to TARP using a staff of 

experienced investigators, including special agents, forensic agents, investigators, analysts, and 

investigative attorneys. In the interest of maximizing resources, SIGTARP coordinates closely 

with other law enforcement agencies, leveraging its unique position and expertise by forming 

law enforcement partnerships and task force relationships across federal and state governments. 

Description of Performance:

SIGTARP is the Co-Chair of the Financial Institution Fraud Working Group of the President’s 

Financial Fraud Task Force. In FY 2015, “Percentage of Cases That are Joint Agency/Task 

Force Investigations” with other law enforcement agencies was just under 70 percent, exceeding 

the target of 50 percent. SIGTARP’s targets are 70 percent for FY 2016 and 70 percent for 

FY 2017.
SIGTARP - 16

During FY 2015, the “Percentage of Investigations Accepted for Consideration by Prosecutors,” 

including criminal or civil investigations that a federal, state, or local prosecutor has formally 

accepted for consideration for criminal prosecution or civil or administrative action was more 

than 95 percent, exceeding the target of 70 percent. This success is directly related to 

SIGTARP’s successful investigation of evidence and its support of prosecutions. SIGTARP will 

discontinue this performance metric in FY 2016 and replace it with “Percentage of Cases 

Presented to Civil or Criminal Authorities within Eight Months of the Case Being Opened.” The 

target for this new metric is 70 percent in FY 2016 and 70 percent in FY 2017.

During a preliminary investigation, an investigator gathers fundamental information to evaluate 

whether a potential case should be converted to a full investigation or if it should be closed. In

FY 2015, “Percentage of Preliminary Investigations Converted to Full Investigations within 

180 days” was 100 percent, exceeding the target of 70 percent. As SIGTARP has gained 

expertise in investigating TARP-related crime, it has efficiently leveraged its resources to handle 

its growing inventory and to expedite these investigations. As SIGTARP’s workforce has 

evolved, so has its ability to respond quickly to allegations and to devote the necessary resources. 

SIGTARP has involved prosecutors in preliminary investigations to ensure that allegations, if 

proven, will be prosecuted. The result is a greater number of preliminary investigations 

converted to full investigations within the 180-day timeframe. Based on these efficiencies, the 

target for this performance metric will increase to 80 percent in FY 2016 and 80 percent in 

FY 2017. SIGTARP will continue to prioritize leads and fraud allegations and make effective, 

informed decisions when opening preliminary investigations. In this manner, SIGTARP will 

ensure an appropriate commitment of investigative resources to sufficiently support all of its 

investigations.

As SIGTARP transitions to alternative means of uncovering TARP-related crimes, it is 

discontinuing “Percentage of Hotline Complaints Responded to or Referred for Investigation or 

Further Action within 14 Days of Receipt.” Instead, SIGTARP will measure the “Percentage of 

Cases Accepted for Consideration by Civil or Criminal Authorities Resulting in a Positive Final 

Outcome.” For this new metric, SIGTARP’s targets are 60 percent for FY 2016 and 70 percent 

for FY 2017.
SIGTARP - 17

3.1.2 – Investigations Budget and Performance Plan

Dollars in Thousands

Investigations Budget Activity

Resource Level FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Actuals Actuals Actuals Actuals Actuals Enacted Enacted Request

 Appropriated Resources $13,339 $25,433 $25,618 $29,230 $27,382 $24,991 $31,801 $32,516

 Other Resources $6,408 $1,492 $920 $1,516 $5,656 $8,964 $6,027 $4,542

Budget Activity Total $19,747 $26,925 $26,538 $30,746 $33,038 $33,955 $37,828 $37,058

Measure FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2015 FY 2016 FY 2017

Actual Actual Actual Actual Actual Actual Target Target Target

Percentage of Cases 

Accepted for Consideration by 

Civil or Criminal Authorities 

Resulting in a Positive Final 

Outcome

N/A N/A N/A N/A N/A N/A N/A 60 70

Percentage of Cases 

Presented to Civil or Criminal 

Authorities within Eight Months 

of the Case Being Opened

N/A N/A N/A N/A N/A N/A N/A 70 70

Percentage of Cases That are 

Joint Agency/Task Force 

Investigations

50 40 65 79 76 70 50 70 70

Percentage of Hotline 

Complaints Responded to or 

Referred for Investigation or 

Further Action within 14 Days 

of Receipt

74 76 77 83 95 94 75 DISC DISC

Percentage of Investigations 

Accepted for Consideration by 

Prosecutors

100 94 95 94 98 95 70 DISC DISC

Percentage of Preliminary 

Investigations Converted to 

Full Investigations within 180 

Days

80 88 77 82 96 100 70 80 80

Key: DISC - Discontinued
SIGTARP - 18

Section 4 – Supplemental Information

4A – Summary of Capital Investments

IT funding has been critical in enabling SIGTARP to fulfill its mission of transparency, 

coordinated oversight, and robust enforcement. SIGTARP uses the services provided by 

Treasury Departmental Offices and Government Security Operations Center as part of 

Treasury’s headquarters operations. SIGTARP relies on the Treasury’s Office of the Chief 

Information Officer and Departmental Offices Operations to provide a secure infrastructure that 

is fully capable of supporting the mission and administrative requirements of a completely 

functional, bureau-level government agency with the technology requirements appropriate to an 

audit and investigative organization. 

SIGTARP’s IT strategy continues with limited IT investments including updates, modifications, 

and maintenance and equipment refreshment, consistent with its role as a temporary agency. For 

FY 2017, SIGTARP expects only ongoing infrastructure charges for headquarters and for remote 

office operations and routine maintenance and enhancements and modifications of its existing 

systems required to support its mission. SIGTARP has no capital investments.

Non-Major IT Investment Summary

The non-major IT investments are for the acquisition, installation, integration, training, and 

modifications of mission-essential systems such as hotline information management, 

investigative case management, investigations database, investigations evidence network, 

counsel case management, forensic system management, SIGTARP website and intranet, video 

teleconferencing used primarily for investigative activity with field offices and headquarters, and 

asset management, which were established by SIGTARP because they were not provided by 

Treasury. SIGTARP migrated most of these systems to Treasury for hosting services and began 

to use Treasury’s shared services offerings, including cloud computing for content management 

such as document management, Freedom of Information Act tracking, and records management. 

A summary of capital investment resources, including major IT and non-IT investments, can be 

viewed/downloaded at: 

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx. 

This website also contains a digital copy of this document.