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Report Fraud, Waste, or Abuse
The following are highlights of our work during the April 1, 2021–September 30, 2021, semiannual reporting period. Closed investigative reports are not made public and are subject to disclosure in accordance with applicable law. However, significant investigative results and other investigative statistics are reported in our semiannual report to Congress, as required by statute.
Former Board Employee Sentenced for Theft of Government Property
Former Board employee Venkatesh Rao was sentenced to 1 year of supervised probation and a $2,500 fine for theft of government property. He removed proprietary information used by the Board to conduct bank stress tests and stored the materials at his home.
Florida Resident Sentenced for $3.9 Million Paycheck Protection Program Fraud
Florida resident David T. Hines was sentenced to more than 6 years in prison for wire fraud. He obtained $3.9 million in Paycheck Protection Program (PPP) loans by falsifying payroll information and submitting bogus Internal Revenue Service (IRS) forms. Hines was also ordered to forfeit $3.4 million as well as the $318,000 Lamborghini luxury car he bought for himself using the loan proceeds.