At the 62nd Annual Attorney General’s Awards Ceremony in Washington D.C., Attorney General Eric Holder presented former AUSA Richard Elias with an Award for Distinguished Service—the Justice Department’s second highest award for employee performance. The recipients of this award “exemplify the highest commitment to the department’s mission.” Elias received the award in recognition of his work that led to the unprecedented $13 billion civil settlement with J.P. Morgan for its misrepresentations to RMBS investors about the quality of the underlying loan pools. It was the largest settlement with a single entity in American history and the largest FIRREA penalty ever recovered by the department.
In a released statement, United States Attorney Ben Wagner also commended Rich and other team members for their “tireless work and dedication” that led to the large settlement. Their investigation uncovered J.P. Morgan’s reckless conduct that contributed to the financial crisis, and their settlement efforts provided relief to taxpayers and homeowners impacted by the mortgage meltdown.