Monday, September 7, 2015
Another Banker Sentenced
United Commercial Bank was the first bank to fail after receiving TARP bailout funding from the federal government. Last week, one of its top executives was sentenced to eight years in prison. Ebrahim Shabudin was convicted for falsifying bank records to hide bank losses from regulators. The failure of United Commercial Bank in 2009 cost the FDIC and US taxpayers more than $675 million. Here's the Washington Post story. Here's a list of investigations undertaken by SIGTARP, a federal investigative task force set up to go after banks and bankers who misused TARP bailout finds.