United States Government Had $250 Billion Stolen from United States Pandemic Fund, $267 Million Disbursed to Dead People
18th March 2023 | Hong Kong
The United States government had more than $250 billion of funds stolen from the United States Pandemic Fund, with the information disclosed in the United States House Oversight and Accountability subcommittee (16/3/23). The Small Business Administration had uncovered $190 billion in potential fraud against the relief programs, and expect to find $100 billion in the Paycheck Protection Program. In the Labor Department program, $267 million had been disbursed to dead people. The United States pandemic relief funds had disbursed more than $5 trillion since 2020. Office of Inspector General (OIG): “We are educating the public about fraud in the pandemic relief programs, which has served as a deterrent to fraudsters. We are working with our law enforcement partners to investigate fraud and the misuse of billions in pandemic assistance funds, ultimately making the nation’s taxpayers whole.” See full statement here
“ United States Government Had $250 Billion Stolen from United States Pandemic Fund, $267 Million Disbursed to Dead People “
United States Government Had $250 Billion Stolen from United States Pandemic Fund, $267 Million Disbursed to Dead People
Introduction – Chairman Sessions, Ranking Member Mfume, and distinguished members of the Subcommittee, on behalf of Inspector General Ware, thank you for the opportunity to testify before you today and for your continued support of the Office of Inspector General (OIG). I am honored to represent the dedicated men and women of OIG and their work to combat fraud and improper payments in the U.S. Small Business Administration’s (SBA) pandemic response programs.
Our office provides auditing, investigative, and other services to support and assist SBA in achieving its mission. The office is ranked as the top OIG in the Federal government as a Best Place to Work by the Partnership for Public Service with an engagement and satisfaction employee score of 90.6, which exceeds the private sector score of 79.1 and the overall government score of 64.5. As a result of its oversight efforts, OIG audits provide recommendations to SBA leadership to improve the performance of SBA’s programs and services for the benefit of the American people. Similarly, OIG investigations pursue evidence of wrongdoing in SBA programs, bringing fraudsters to justice. OIG provides taxpayers with a significant return on investment, rooting out fraud, waste, and abuse in SBA programs.
During fiscal year (FY) 2021, OIG provided an exponential return on investment to the taxpayer with $4.2 billion in dollar accomplishments, which includes investigative recoveries, fines, and forfeitures, as well as review findings of disallowed costs. OIG’s oversight efforts in FY 2022 exceeded these returns on investment to the taxpayer with dollar accomplishments exceeding $4.8 billion. OIG oversight of the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs has resulted in 776 indictments, 621 arrests, and 426 convictions as of December 2022. Also, over $8 billion in EIDL funds have been returned to SBA by financial institutions and another $20 billion by borrowers. OIG has played a key role in the return of these funds through working with our law enforcement partners and financial institutions. We are educating the public about fraud in the pandemic relief programs, which has served as a deterrent to fraudsters. We are working with our law enforcement partners to investigate fraud and the misuse of billions in pandemic assistance funds, ultimately making the nation’s taxpayers whole.
See full statement here
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- June 2024 - Hong Kong
- June 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
