Section 38, Prompt Corrective Action, of the Federal Deposit Insurance (FDI) Act requires the Inspector General (IG) of the appropriate federal banking agency to conduct a review and issue a written report when there is a material loss to the Deposit Insurance Fund (DIF) related to an insured depository institution for which the Federal Deposit Insurance Corporation (FDIC) is appointed receiver.

Under the Inspector General Act of 1978, as amended, the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General has oversight responsibility of the programs and operations of the FDIC. The FDIC is an independent agency created by the Congress to maintain stability and confidence in the Nation’s banking system.

TNEWARK N.J. – A Sussex County, New Jersey, man was sentenced to 36 months in prison for defrauding several financial institutions and illegally obtaining more than $2 million in COVID-19 funding meant to help small businesses impacted by the pandemic, U.S. Attorney Philip R. Sellinger announced today.

SPRINGFIELD, Ill. –James R. R. Williams, 64, formerly of rural Cisco, Illinois, and now residing in Fort Meyers, Florida, was sentenced on November 17, 2023, by U.S. District Judge Collen R. Lawless to 42 months’ imprisonment, to be followed by three years of supervised release, and ordered to pay restitution to two central Illinois banks following his convictions...