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Case Highlights

The following are highlights of our work during the October 1, 2023–March 31, 2024, 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.

Investigation Into Board Trading Activity
We investigated allegations that Board Chair Jerome Powell and former Vice Chair Richard Clarida violated laws, rules, regulations, or policies related to trading activities. While their trading activities complied with rules in effect at the time, these rules did not sufficiently support public confidence in the impartiality and integrity of the policymakers and senior staff carrying out the public mission of the FOMC's work.

Investigation Into Federal Reserve Bank Trading Activity
We investigated allegations that Robert Kaplan, former president of the Federal Reserve Bank of Dallas (FRB Dallas), and Eric Rosengren, former president of the Federal Reserve Bank of Boston (FRB Boston), violated laws, rules, regulations, or policies related to trading activities. We did not find that Mr. Kaplan's trading activities violated laws, rules, regulations, or policies related to trading activities as investigated by our office. We did find, however, that omissions on his 2020 financial disclosure report created appearance issues under the FOMC blackout rule and FRB Dallas's code of conduct. We also had findings related to omissions and discrepancies on Mr. Rosengren's 2020 financial disclosure form, and we believe that his trading activities in real estate investment trusts in 2020 created an appearance of a conflict of interest.

Argus to Pay $37 Million Settlement for Misusing Data
Argus Information & Advisory Services agreed to pay the United States $37 million to settle allegations it improperly accessed, used, and retained anonymized credit card data it received through contracts with federal regulators, including the Board, the CFPB, the Federal Reserve Bank of Philadelphia, and the Office of the Comptroller of the Currency.

California CEO Sentenced for $34 Million Paycheck Protection Program Fraud and Other Crimes
Attila Colar, former CEO of All Hands on Deck, was sentenced to 17 years in prison and ordered to pay nearly $1.2 million in restitution after being convicted of 44 counts related to a $34 million Paycheck Protection Program (PPP) fraud scheme and other crimes.

Massachusetts Loan Brokers and Bank Loan Officer Sentenced for Multimillion-Dollar Bank Fraud
Ted Capodilupo and Joseph Masci, operators of a loan brokerage business, and Brian Ferris, a loan officer at a Massachusetts bank, were sentenced to a year in prison and combined $4 million in restitution for conspiracy to commit bank fraud. They developed a scheme to defraud a bank and the U.S. Small Business Administration (SBA) by submitting fraudulent loan applications for ineligible borrowers and pocketing the associated fees.


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