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Delaware Man Found Guilty in TARP Fraud Kickback Scam

nationalmortgageprofessional.com | November 24, 2014

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Charles M. Oberly III, U.S. Attorney for the District of Delaware, has announced that Peter W. Hayes of Newark, Del., has pleaded guilty to one count of accepting a gift for procuring loans, in violation of Title 18, United States Code, Section 215. United States District Judge Richard G. Andrews scheduled a sentencing hearing for March 17, 2015.

Hayes, a former relationship manager at TARP bank Wilmington Trust Corporation admitted that he purchased two model homes from a large Bank customer in November 2005 as part of a sale/lease-back arrangement, whereby the customer agreed to pay Hayes and his business partner monthly lease payments in the exact amount of, and to satisfy, their monthly mortgage payments.

In March 2008, Hayes and his partner sold the model homes to a third-party for a loss, leaving Hayes with a $70,000 obligation to his mortgage lender. Hayes ultimately requested a loan from the Wilmington Trust customer to cover the shortfall. In November 2008, the customer loaned Hayes the necessary funds by issuing him a check from the customer’s operating account at Wilmington Trust. Hayes repaid the loan in February 2009 by depositing a treasury check directly into the customer’s Wilmington Trust operating account.

During the four-year period in which Hayes had a financial relationship with the customer, Hayes approved millions of dollars in financing for various projects being developed by the customer.

As part of his guilty plea, Hayes admitted to making specific funding decisions for the customer that were based on materially false statements and omissions, or were otherwise in contravention of existing loan agreements.

With his guilty plea, Hayes becomes the third former Bank employee to plead guilty to criminal conduct relating to employment at Wilmington Trust.

“Hayes, a former relationship manager at TARP bank Wilmington Trust, is the third employee to plead guilty to charges stemming from the investigation by SIGTARP and our partners of purported criminal conduct at the bank,” said Romero. “In today’s plea, Hayes admitted to exchanging favors with a long-time bank customer for his personal benefit. SIGTARP and our law enforcement partners stand united in our commitment to safeguarding TARP on behalf of taxpayers, and perpetrators of crime related to TARP will be brought to justice.”

 

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