Louis was awaiting trial on unrelated charges dating from 2014 2015. A package containing methamphetamine hidden in dog food containers had been mailed to Quartermans home. Researchers estimate that $76 billion in PPP loan money was taken illicitly. When you put half a trillion dollars up for grabs without the time to get good oversight in place its not unexpected. Michael Bischoff, the CEO and co-founder of a Michigan chain called Passport Pizza, allegedly falsified documents and employees to obtain $931,000 in PPP money. Stopping COVID-related fraud is a priority for the Department of Justice. Authorities also claim he lost $500,000 on risky stock market trades. Defunct Chicago Restaurateur (Illinois August 28), 42. We have a new Administration in Washington, but government officials in the Justice Department have not signaled a change in enforcement policy. Attorneys office, the companies didnt exist or didnt have the employees he claimed. A PPP loan is a Small Business Authority-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Abramovs allegedly got nearly $2 million from seven lenders. If there is evidence of fraud, people can go to jail for a $20,000 PPP loan, just like someone whose PPP loan was $100,000 or $1 million. Thissearchable website looks at which companies got money from last year's federal program to help businesses retain their workers amid the pandemic economic shutdown. Subscribe to The Federal Docket to keep on top of recent cases and important developments in federal criminal law. David T. Hines of Miami is charged with fraudulently seeking $13.5 million in PPP funds using false statements about various companies payroll expenses. As part of his guilty plea, Darrell Thomas admitted his participation in fraudulent conduct totaling more than $14.7 million, including more than $11.1 million in fraudulent PPP loans, more than $1.15 million in fraudulent Economic Injury Disaster Loans, and more than $2.4 million in fraudulent automobile loans. Our focus is on fraud.. This case is being investigated by the U.S. The above numbers are through January 2021, and new instances are being announced regularly. They allegedly filed fake tax documents to support the loan applications. See how PPP works. All visitors to this Website are informed that Oberheiden P.C. With few case-by-case exceptions, Firm's practice is limited to matters and questions of federal law and federal procedure. We have not conducted an exhaustive review of every sentence that federal courts have already imposed in PPP loan fraud cases as of November 15, 2021. The overwhelming majority of owners who received PPP loans legitimately used the money to retain employees and stay operational. An 18-Room Tuscan Mansion on the Taxpayer Dime (New York September 17), 51. High-Living Florida Man (Florida July 27), 29. Inadequate or questionable documentation submitted in support of a request for PPP loan forgiveness is another huge red flag, and companies accused of submitting fraudulent forgiveness requests can face a variety of federal charges.. He then went on a buying extravaganza, spending on a Tesla, a Bentley, two condominiums, and paying his home mortgage. Michael George McQuarn, 51, of Austin, is charged with with fraudulently receiving over $2 million in Small Business Administration loans for two fictitious companies, Vantastic Voyages, LLC and Happy Days Movers, LLC. Well at least the Feds got that back. Main Office:
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Like with compliance program documentation, inadequate documentation of PPP loan expenditures will be viewed as a red flag for fraud, and it can place companies in a hard position when it comes to defending against federal fraud allegations. I did too!! Elijah Majak Buoi, president of Sosuda Tech LLC, is charged with fraudulently applying for over $13 million in PPP aid. He allegedly used some of the cash to pay off $80,000 in personal credit cards and a $40,000 car loan. Man Sends Money to Pakistan and Books Flight (New Jersey December 15), 72. The U.S. Secret Service and IRS participated in this investigation, along with the U.S. Attorney for the Southern District of Florida. They are applying for a PPP loan because, the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of the eligible recipient; and. Richard Ayvazyan, Marietta Terabelian, Artur Ayvazyan, Tamara Dadyan were charged in a complaint claiming they conspired together as part of a disaster relief loan fraud ring based in Los Angeles. Brenizer was out on other criminal charges at the time, but he allegedly applied under another persons name. Authorities say he put the PPP loan proceeds in accounts under the control of his relatives and minor children. That didnt stop him from allegedly applying for two PPP loans using different company names. To this end, all companies that received PPP loans would be well-advised to proactively conduct an internal PPP compliance investigation. After the fraudulent loans were paid out by the SBA or partner banks, the co-conspirators completed their scheme by allegedly paying Quarterman a fee from the proceeds of the fraudulent loans which she would split with Lawson. As part of his guilty plea, Darrell Thomas admitted his participation in fraudulent conduct totaling more than $14.7 million, including more than $11.1 million in fraudulent PPP loans, more than $1.15 million in fraudulent Economic Injury Disaster Loans, and more than $2.4 million in fraudulent automobile loans. Steven R. Goldstein and his business partner, Raymond Magana are charged with applying for $2.5 million in loans and actually receiving over $1.95 million. Under the terms of the program, for example, companies must represent that: During a federal PPP loan fraud audit or investigation, federal agents will not just be looking to assess loan recipients eligibility, but they will also be looking to determine whether companies have documentation on hand to qualify the representations they made in their PPP loan applications. He was approved for $3.9 million. Agriculture, Forestry, Fishing and Hunting. Ronald Bell, who conspired to extort money from Georgia Institute of Technology, has pleaded guilty to a charge of conspiracy to commit extortion. East Texas Man and the Online Name Generator (Texas May 19), 5. Sutukh El even posted a rap video holding a large amount of $100 bills after he had made a cash withdrawal, having received this $600,000 plus. Government officials have seized more than $400,000. Our searchable databaseallows users to look up dollar allotments by industry, and lenders. A lock ( payments for travel, vehicles, and home office expenses) can also create risk. Surely the government does a personal credit check on the owner unless he falsified his identity. Charged were: Darrell Thomas, Andre Lee Gaines and Carla Jackson of Georgia; Kahlil Gibran Green Sr. of Ohio; and Bern Benoit of California. 75 Ted Turner Dr. SW
Nor, will we seek out applicants who made technical mistakes in processing paperwork or honestly misunderstood regulatory or certification requirements. PPP Loan Recipient List By State Georgia 553,322 TOTAL PPP LOANS $24.9B TOTAL LOAN AMOUNT $44,956 AVERAGE PPP LOAN 5 AVG COMPANY SIZE Georgia has a total of 553,322 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Meghan Thomas, 32, of Alpharetta, Georgia, is charged with conspiracy to commit bank fraud and wire fraud, bank fraud, wire fraud, and false statements to a federally insured financial institution in connection with her involvement in several businesses loans. This station is part of Cox Media Group Television. Walmart Project Manager (Oklahoma June 4), 10. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. I appreciate your consideration/guidance/help/time. Ngoc Manh Nguyen, Victoria Dieuy Ho, and Dat Tat Ho were charged for allegedly having misrepresented employee payroll figures to receive $13 million in COVID-19 loan funds. Court documents allege that handwritten notes recovered from his trash describe how he planned to use $3 million of it for personal investments. According to prosecutors, the defendants allegedly submitted, or assisted in submitting, PPP loan applications for 14 businesses between April and August 2020. As part of the court-authorized search, law enforcement seized Quartermans cell phones and discovered a handwritten ledger with the personal and banking information of several individuals. Both are fraud. 2023 Cox Media Group. The only way to get more money than that is to either 1) claim to have employees that you didn't really have, or 2) inflate your earnings amount on the application. However, on April 14, 2020, Olugbuyi allegedly filed a 1040 non-filer return reporting $1 in income for 2019 which qualified him to receive a $1,200 economic impact payment. Oludamilare Olugbuyi was charged with fraudulently obtaining two PPP loans totaling more than $400,000. A Cessna Aircraft and a Lexus (Virginia October 20), 59. 43. A PPP loan is a Small Business Authority-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Bank of America PPP loans class action overview: Who: Three small businesses are suing Bank of America over its management of PPP loans. Local Basketball Coach Indicted (Florida November 13), 66. Nine EIDL and PPP Loan Applications (Washington October 27), 62. Georgia has a total of 553,322 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Following a nine-day trial, Ahamefule Aso Odus has been convicted by a federal jury on 12 counts of money laundering stemming from his role in a massive money laundering operation Northern District of Georgia
Fewer than 150 defendants out of of over 5.2 million loans is a minuscule percentage. For a quick overview, this infographic tells the story of what happens when the funds are misused in a PPP loan fraud. Number of Loans Approved. He also allegedly used the money to pay $50,000 for restitution in a previous fraud case, $40,000 in back child support, $139,000 to lease a Rolls Royce Wraith and $230,000 to associates who helped him run a Ponzi scheme. A few individuals will be arrested stripped of their material things. Ex-Microsoft Executive (Washington July 23), 28. He had been removed by the Board of Directors from his company in 2019, yet submitted an application in the name of Crosscode dba Kloudgaze. He received over half a million dollars in PPP funds, and allegedly put a down payment on a pool and transferred money to a financial account in India. Fake IRS filings. Heres a list of the PPP loan prosecutions to date: 1. The defendants are presumed innocent of the charges, and it will be the governments burden to prove the defendants guilt beyond a reasonable doubt at trial. Which goes to show that most of the defendants arent very smart. (PPP) and Economic Injury Disaster Loan (EIDL) COVID-19 relief funds. Or do you want to know whichcompanies got taxpayer-fundedloans? They allegedly discussed their fraud in email and one assumed the identity of his own brother. Reality TV Personality (Georgia May 13), 4. Allegedly he submitted fake IRS 1099 Forms containing worker social security numbers that were invalid. Ganell Tubbs, the entrepreneur owner of Little Piglet Soap Company and Suga Girl Customs, an Etsy shop, is charged with fraudulently obtaining nearly $2 million in PPP loan. No. So far, six. Postal Inspection Service. 22-Year Old Hair Extensions Entrepreneur (Texas September 15), 50. According to the U.S. A lock ( He received $593,590. If the PPP debt is not forgiven, the interest rate is very low 1%. Goldstein allegedly transferred $355,000 in his personal bank account. Evasiveness and inability (or unwillingness) to produce documentation of PPP compliance is a major red flag for fraud as well. He also agreed to forfeit various assets, including more than $2.1 million in seized funds, three luxury vehicles a 2018 Mercedes-Benz S-Class S65AMG, a 2018 Land Rover Range Rover, and a 2017 Acura NSX and several items of jewelry, including a gold Rolex. A crucial aspect of the PPP is that companies are only allowed to use the funds they receive for specific authorized purposes. Its a wild tale. He allegedly created fake technology companies to obtain $1.5 million in funds. Authorities state Bellamy allegedly obtained a Paycheck Protection Program loan of $1,246,565 for his own company, Drip Entertainment LLC and then spent the proceeds on purchases at Dior, Gucci, and jewelers as well as withdrawing $302,000 in cash. You can also check to see how many workers companies receiving the assistance said they kept on the payroll. Dr. Nick Oberheiden, founder of Oberheiden P.C., focuses his litigation practice on white-collar criminal defense, government investigations, SEC & FCPA enforcement, and commercial litigation. This article is updated regularly. The total approved was over $525 billion, demonstrating its success. But it may not take that long. "Along with our federal, state and local law enforcement [] Jase DePaul Gautreaux aka Jase Dixon, a funeral director in Houston, is charged with seeking $13 million in loans and ultimately receiving over $1.6 million. Six individuals, including the schemes mastermind, Darrell Thomas, have pleaded guilty. In order to ensure that no one at your company raises questions for federal authorities unnecessarily, it is imperative to rely on the advice and representation of experienced federal counsel. Members of the public are reminded that the indictment only contains charges. Melvin Stout, his wife Tiffany Acuff and sister Valerie Watson pleaded guilty to making a false statement and obtaining loans through Paycheck Protection Program. Two Men, Identity Theft and a Conspiracy (Rhode Island - May 5, 2020) David Staveley, aka Kurt D. Sanborn, and David Butziger were charged with conspiring to seek over $530,000 in PPP money. Tiara Walker was charged with conspiracy and fraud charges involving a crime ring that prepared at least 90 fraudulent applications and attempted to get $24 million, ultimately receiving $17.4 million dollars. $1,659,747. The OMelveny law firm noted: if history is a guide, DOJ will use its leverage over institutions that processed the loans to do the governments initial work of identifying potential irregularities in loan applications. Feel free to share this infographic (attribution required) on your own site by copying and pasting the code below: Could these prosecutions involve nothing more than paperwork mistakes? Carlos Belone was charged with wire fraud and other charges in connection with several fraudulent applications. Katie Quarterman, 28, of Atlanta, Georgia, Nikia Wakefield, 42, of Rockville, Maryland, and. IT Services Company Owner (Massachusetts June 22), 15. One was on behalf of a company called Texas Barbecue and the other called Houston Landscaping. The maximum that one person can get for a PPP loan is $20,833. Lola Shalewa Barbara Kasali, 22, of Houston was charged with several counts in which she allegedly received more than $1.9 million for two companies, including Charm Hair Extensions. Victor Montgomery, 43, of Washington, D.C.. So far, six people, including the schemes mastermind, Darrell Thomas, have pleaded guilty. He ultimately received over $2 million but the government seized $1.98 million from business bank accounts. I was not hired back. Construction Company Owner (Washington D.C. July 13), 24. Assistant U.S. Official websites use .gov Co-Leader of COVID-19 Loan Fraud Ring Extradited from Montenegro to Begin Serving Prison Sentence . The Vegas High Roller (California July 16), 26. The EIDL application information, submitted by the applicant, was used by SBA systems to calculate the amount of money the business was eligible to receive in the form of a loan. Government money always attracts a small number of fraudsters, grifters, and criminals. See the SBA website for updated forgiveness information. The defendants are charged with various counts of conspiracy to commit wire fraud, wire fraud, bank fraud, mail fraud, and money laundering. It is free MONEY no one will repay one single dollar. Acting U.S. Attorney Kurt Erskine issued an update on his office's efforts to combat fraud related to schemes targeting the Paycheck Protection Program (PPP), a loan program created by Congress to help small businesses pay payroll, interest on mortgages, rent, and utilities during the COVID-19 pandemic. In order to get Paycheck Protection loans forgiven and not have to repay the loan, owners have to show proof that at least 60% was used for payroll and the rest for other permitted expenses. Joshua Thomas Argires of Houston was arrested on various fraud charges. The case was investigated by the FBI and SBA-OIG. He allegedly applied for $441,000 under the Federal Paycheck Protection program. Stephen J. Cox, the U.S. Attorney for the Eastern District of Texas, wrote in an op-ed in Texas Lawyer: Rest assured that we will be careful not to discourage legitimate businesses from accessing the important financial resources that Congress made available through the CARES Act. He was arrested after he booked a same-day flight to Pakistan. For further information please contact the U.S. Attorneys Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. Izzat and Tarik Freitekh, a father-son duo, were charged with lying and forging IRS records to obtain $1.7 million in PPP funds for three different businesses. The provisions of the CARES Act, in conjunction with an officially declared disaster by the United States Government, allowed the Small Business Administration (SBA) to offer EIDL funding to business owners negatively affected by COVID-19. India Middleton, 34, of Accokeek, Maryland. Hopefully someone will find this. Firm's engagement letter and Firm's website disclaimers provide additional details. Justice Department representatives say honest owners acting in good faith shouldnt worry. In another case, a married couple was apprehended at JFK Airport allegedly attempting to flee the country after submitting 18 fraudulent PPP loan fraud applications. A locked padlock You can search and filter the list, but only flagged loans will be shown. He got up to $5.7 million in loans. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. The PPP loan applications reported that each business had between 59 and 69 employees and approximately $295,000 to $342,000 in average monthly payroll expenses. no owner of a 20% or greater interest has been convicted of or pleaded guilty to a, Former Department of Justice Trial Attorneys, Former Federal Prosecutors, U.S. Attorneys Office. Law enforcement assisting in the investigation included the Small Business Administration OIG office, the FBI, FDIC and others. Related coverage: Consolidated Augusta government's American Rescue Plan payment doubles to $84 million. Luckily, the Feds have recovered a large part of the loan proceeds already, although millions is forever gone. Here's a list of the PPP loan prosecutions to date: 1. Chanchikyan has pleaded not guilty, and his trial is scheduled for October 4, 2022. Applied for PPP Loan While out on Bail (Tennessee November 9), 64. The CARES Act was signed to provide economic assistance to keep companies afloat while navigating through these uncertain times, said Tommy D. Coke, Inspector in Charge of the Atlanta Division. Miami Wannabe Farmers (Florida August 26), 40. The PPP promissory note you signed will have the terms applicable to you. PPP2 started accepting applications on January 11, 2021. Ronald Bell, who conspired to extort money from Georgia Institute of Technology, has pleaded guilty to a charge of conspiracy to commit extortion. The GAO also recommended auditing COVID-19 unemployment benefits paid to workers rehired through the loans. She deposited the proceeds into four bank accounts, but that didnt hide it from authorities who seized her ill-gotten gains. It is alleged he got over $190,000 in proceeds and managed to withdraw cash or cashiers checks for $140,000. 1344. Rob, have you reported that to the DOJ PPP fraud hotline? When making use of PPP loan funds, companies should extensively document their expenditures in order to demonstrate that they have used their PPP loans for authorized purposes only. Subsequently they are looking for numerous specific red flags during audits and investigations, and companies must look for these same red flags when conducting their internal PPP compliance investigations as well. The legitimate purpose of storing preferences that are not requested by the subscriber or user under... Service and IRS participated in this investigation, along with the U.S. a lock he! 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