U.S. Department of Treasury, SIGTARP

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has a need to collaborate internally within SIGTARP as well as with external law enforcement agencies. Phase One was engaged to assist SIGTARP by providing IT support including the development of the SIGTARP Case Management System and by developing an Investigative Evidence Network for the sharing and mining of evidence. The results are more prudent use of taxpayer monies through re-use of IT and the more effective and efficient prosecution of fraud and other crimes through collaboration and evidence sharing. 

Why This Matters To You

The Troubled Asset Relief Program(TARP) of 2008 was an initiative designed to strengthen the financial sector by improving market stability and increasing liquidity caused by the subprime mortgage crisis. TARP authorized the purchase or insurance of over $470B in troubled assets using taxpayer money which was to be repaid once the financial situation stabilized.

In order to protect the interests of the American taxpayer and ensure that TARP monies were being used wisely and eventually returned, the Office of the Special Inspector for TARP was setup by Congress in 2008. SIGTARP’s role is to conduct investigations into the fraudulent use of TARP funds, oversee and review the management of TARP assets, and recommend program improvements.

To date SIGTARP in conjunction with Federal and State law enforcement has conducted over 150 ongoing criminal and civil investigations into the fraud and misuse of TARP funds. SIGTARP has also been successful in saving or recovering assets and TARP funds, returning them to the Treasury and effectively saving the American taxpayer over $700M. 

How We Helped

By customizing an IRS case management system and enhancing it for the unique needs of SIGTARP, Phase One leveraged an existing government resource – saving the government money and time. The repurposed system allowed for a faster and more organized approach to investigations, more timely and effective collaboration and insight into existing investigations, and provided an internal audit process to ensure that the appropriate approvals and review occurred. The new system provides greater efficiency in conducting investigations, allowing SIGTARP to recover stolen funds and / or prosecute criminals faster. Other agencies are now considering adopting the system for various fraud and criminal investigations.

In addition, Phase One and SIGTARP developed the Investigative Evidence Network to help share evidence across investigative agencies. This new network allows agencies to collaborate through the mining and sharing of evidence such as files, photos, interview transcripts; greatly speeding the ability to collaborate and bring criminals to justice.