If someone thinks they can divert millions of dollars from the paycheck coverage program and get away with it, it’s not brilliant. And if you want more evidence, the government will catch the culprits, we have another example.
The U.S. Department of Justice announced last week that it had formally charged a 41-year-old man from Washington, D.C. after allegedly receiving $2.1 million in fraudulent COVID-19 stimulus cash and buying a 2020 Kia Stinger, among other luxury items.
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The $46,000 Stinger is the cheapest acquisition indexed through the Department of Justice. The guy also allegedly acquired a $1.13 million townhouse and a $300,000 yacht.
PPP was designed to help small business homeowners tackle the coronavirus pandemic as economic benefits continue. Congress has allocated more than $300 billion to the program to help commercial homeowners pay rent, mortgages, keep workers on their payrolls, and more. Loans are forgiveable if corporations spend cash within a safe time frame and in the right way.
The scheme of the type allegedly concerned the application for PPP loans on behalf of other corporations involved in the registration of emotional animals. He then allegedly used $2.1 million to enrich himself. In addition, the Justice Department said the guy was also charged with crimes similar to a separate embezzlement scheme in which he allegedly took about $500,000 from the Catholic Archdiocese of Washington, D.C.
The complaint accuses the guy of a charge of bank fraud, a government fundraising charge, an e-fraud charge, and a cash laundering charge. This is the third case we’ve seen.
This was originally published on Roadshow.
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