22 Charged In Scheme To Steal $11 Million From Business Loans To Buy Luxury Cars, Jewelry

Protection Program, which gave companies financial aid to carry them through the economic disruption of the coronavirus pandemic.

The group is the latest to be accused of attempting to defraud the government out of PPP funds. He submitted at least 27 PPP loan applications under fake businesses and on behalf of other people. In June, a Florida man pled guilty to stealing $24 million from PPP loans using fake companies. He maintained guilty to conspiring to commit bank fraud and could spend up to 30 years in federal prison.

$800 billion. That’s how much money the U.S. Small Business Association has provided to businesses around the nation. However, it has not yet been released how much of that has gone to fraudulent claims. As of May, the Department of Justice has charged 474 people with fraud in attempts to steal Covid-19 relief money.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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