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Case Highlights

The following are highlights of our work during the October 1, 2016–March 31, 2017 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.

Investigations

Multiple Former Pierce Commercial Bank Officials Indicted for Conspiracy and Bank Fraud. Four former Pierce Commercial Bank officials were indicted in the Western District of Washington in Tacoma for conspiracy to make false statements on loan applications and to commit bank fraud. Along with three other branch employees, the individuals knowingly made false statements overvaluing property on home loan applications. The fraudulent scheme contributed to the failure of the bank, which caused the Deposit Insurance Fund (DIF) about $24.8 million in losses.

Former Employee at the Federal Reserve Board Pleads Guilty to Unlawful Conversion of Government Property. A Communications Analyst pleaded guilty to unlawful conversion of government property, was sentenced to 12 months' probation, and was fined $5,000 for installing unauthorized software on a Board server to connect to a Bitcoin network in order to earn bitcoins.

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