More than $712 million in fines, restitution ordered, and other monetary recoveries were realized by the federal insurer of bank deposits between last fall and this spring, according to a report sent to Congress Tuesday.
The office of inspector general (OIG) of the Federal Deposit Insurance Corp. (FDIC) said in in its semiannual report to Congress (covering the period from October 2023 through March 2024) that recoveries in 2024 were up $98 million (15.8%) from the previous six-month period, and up $381 million (115.1%) from a year earlier.
Overall, the OIG said, its investigations during the reporting period resulted in 82 indictments, 53 convictions, 67 arrests. “Notably, these results include the FDIC OIG’s efforts in cases related to fraud in the Federal government’s COVID-19 pandemic response, which resulted in 33 indictments and informations, 32 arrests, and 24 convictions,” the OIG said.
It noted that monetary benefits from those types of cases totaled more than $54.9 million, which it said were more than double the amount reported in the previous semiannual report.
“We continue to play a significant role within the law enforcement community in combating this fraud, and since inception of the CARES Act (the 2020 Coronavirus Aid, Relief, and Economic Security Act) have been involved in 197 such cases,” the OIG said.
FDIC Office of Inspector General Semiannual Report to the Congress