Nor, will we seek out applicants who made technical mistakes in processing paperwork or honestly misunderstood regulatory or certification requirements. Bank of America PPP loans class action overview: Who: Three small businesses are suing Bank of America over its management of PPP loans. Robert, youre probably right about finding fraud for years to come. But of course, the government has to prove the allegations. Whoa! Luckily, the Feds have recovered a large part of the loan proceeds already, although millions is forever gone. Authorities revealed they recovered $1.3 million of the funds. Secure .gov websites use HTTPS A locked padlock We will work tirelessly to protect the integrity of the EIDL and PPP and to help small businesses stay afloat., The COVID-19 pandemic has caused financial hardships for many hardworking business owners across the nation. According to the indictment, Turasky had already been evicted from the restaurant rental space and her employees had been terminated before she applied for the PPP loan. Co-Leader of COVID-19 Loan Fraud Ring Extradited from Montenegro to Begin Serving Prison Sentence . 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. A 2020 Bentley Continental and Cadillac Escalade (New York December 21), 77. Sandra D. Smith has been arraigned on federal charges of wire fraud and theft of government funds. Kao allegedly transferred $2 million to personal accounts. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Many cases involve forged IRS filings one of the easiest things for the government to check. Jean R. Lavanture of Saugerties was arrested for bank fraud for allegedly obtaining $5 million in government-backed loan for companies that had neither employees nor income in recent years. Man Charged with Identity Theft (Florida August 10), 34. Its intended to offer news and peer perspective on an important issue that affects us as business owners. 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. According to Acting U.S. Attorney Erskine, the first superseding indictment, and other information presented in court: From April 2020 through August 2020, the conspirators in the scheme allegedly submitted, or assisted in the submission of, PPP loan applications on behalf of fourteen businesses, seeking loans of approximately $700,000 - $850,000 for each company: All Star Room & Board Services of Michigan Inc. No one under pressure of this pandemic wants to fumble on a technicality while legitimately trying to pay employees and keep their lifes work afloat. Vegas Business Owner (Nevada August 13), 37. Brenizer was out on other criminal charges at the time, but he allegedly applied under another persons name. A PPP loan is a Small Business Authority-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. ) or https:// means youve safely connected to the .gov website. Share sensitive information only on official, secure websites. Official websites use .gov Firm's engagement letter and Firm's website disclaimers provide additional details. Still, a June 2020 report by the Government Accountability Office found, there is a significant risk that some fraudulent or inflated applications were approved. Treasury Secretary Steven Mnuchin then announced that the Treasury Department would review loan recipients over $2 million. Hopefully someone will find this. He allegedly created fake technology companies to obtain $1.5 million in funds. This is based on the adage that where there is smoke, there is fire if someone seems concerned about what might be found, there is usually a reason why. A PPP loan is a Small Business Authority-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. US Attorney's Office for Middle District of Ga. investigates high volume of PPP loan fraud By Jessie Gibson Published : Jun. 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.. David T. Hines of Miami is charged with fraudulently seeking $13.5 million in PPP funds using false statements about various companies payroll expenses. Again, thorough documentation is imperative, and companies must ensure that all relevant internal personnel are clear about the types of activities that can increase the companys risk of liability in the event of a PPP loan fraud audit or investigation. Authorities also claim he lost $500,000 on risky stock market trades. The Justice Department alleges that George submitted identical wage information and employee count records for two separate companies, one of which was out of business since 2015. Call 888-680-1745 for Central Intake with Dr. Nick Oberheiden Criminal Law & Process, PPP fraud What are the Red Flags for PPP Loan Fraud? He allegedly was caught on camera withdrawing cash. Related coverage:Treasury names 650K small businesses receiving govt loans. Amir Aqeel, Siddiq Azeemuddin, Rifat Bajwa, Pardeep Basra, Mayer Misak, Maurico Navia, and Richard Reuth allegedly participated together in filing more than 80 fraudulent Paycheck Protection Program applications for $16 million. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices. Two Miami neighbors, Latoya Stanley and Johnny Philus, are charged with getting more than $1 million in Economic Injury Disaster Loan and PPP loan amounts. Are you personally at risk as a company owner, board member, executive? However, the Government watchdog also recommended oversight of the 4 million smaller loans. What to do if the SBA doesnt forgive your loanhttps://www.schwabe.com/newsroom-publications-a-guide-to-the-sba-ppp-loan-forgiveness-review-process. According to Acting U.S. Attorney Erskine, the indictment, and other information presented in court: On August 11, 2020, agents with the U.S. Federal authorities claim they used some of the coronavirus pandemic funds to buy luxury automobiles. Case data source and image source: Justice.gov. 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. In reality, however, none of the businesses had employees or payroll expenses. Fewer than 150 defendants out of of over 5.2 million loans is a minuscule percentage. The tool below can be used to search all publicly released PPP recipients in GA. In order to account for all disbursements from their PPP loans, companies should deposit their loans into distinct accounts, and they should not commingle their PPP loan funds with any other company assets. Several individuals he submitted payroll documentation for said they never worked for his company, investigators allege. And for how much? Made Down Payments on Million Dollar Homes (California November 18), 69. However, we have created a list of PPP resources that should help you with any challenges that you might have. Rahul Shah of Evanston is charged with bank fraud and making false statements to a financial institution. He allegedly used those funds to buy a 33-foot Cruisers Yacht for $300,000, a $1.13 million rowhouse, and a $46,000 luxury Kia Stinger. Some of Quarterman and Lawsons co-conspirators also allegedly recruited additional participants to the scheme and then sent their information to Quarterman for fraudulent loan applications. 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. Georgia and South Carolina Fraud Ring with 11 People (Georgia, January 28, 2021). Trucking Company Owner (Utah July 8), 22. However, this grace period has expired, and now the SBA Office of Inspector General (SBA-OIG), the U.S. Department of Justice (DOJ), and other federal agencies are aggressively targeting companies suspected of engaging in PPP loan fraud. He allegedly obtained $200,000 in Paycheck Protection Program and Economic Injury Disaster loans and used the cash for personal expenses. The case was brought in Los Angeles, California. Justice Department announces charges brought against 57 people for PPP fraud, representing $175 million in alleged fraud. Oberheiden P.C. Days later he allegedly bought a 2020 Lamborghini Huracan sports car for $318,000. Dinesh Sah of Dallas was indicted on charges he filed 15 fraudulent loan applications to 8 lenders in the total amount of $24.8 million. David Christopher Redfern of Trinity, North Carolina is charged with fraudulently getting EIDL (Economic Injury Disaster Loan) and PPP funds totaling $414,000. Andre Lee Gaines, 67, of Dallas - pleaded guilty on June 17, 2021 to one count of making false statements to the FBI in connection with the loan obtained by his business, Gaines Reservation and Travel. 1349, individuals and companies charged with attempt can face the same penalties that apply to the successful completion of a criminal offense (i.e. The False Claims Act can impose steep financial penalties, including treble damages. What are the Red Flags for PPP Loan Fraud? Richard B. Russell Federal Building is headquartered in Dallas, Texas and it only maintains a fully equipped office in Dallas and Houston. Heres a list of the PPP loan prosecutions to date: 1. The COVID-19 pandemic has caused financial hardships for many hardworking business owners across the nation. So far, six people, including the schemes mastermind, Darrell Thomas, have pleaded guilty. Adarin Jones, a/k/a Adrian Jones, 42, of Atlanta, Georgia. Gaughan is also charged separately with allegedly embezzling $472,000 from the Catholic Archdiocese of Washington, D.C. where he previously worked. Attorney Buys Million Dollar Home (New Jersey September 2), 45. Man Sends Money to Pakistan and Books Flight (New Jersey December 15), 72. Kindambu made some expensive personal purchases that authorities say were not permissable under the loan terms, including the plane the Lexus. For a quick overview, this infographic tells the story of what happens when the funds are misused in a PPP loan fraud. Two Men, Identity Theft and a Conspiracy (Rhode Island May 5, 2020), 3. 90 PPP Applications in This Fraud Ring (Ohio and Florida August 6), 33. 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? Despite the fact that the Paycheck Protection Program was launched in March 2020 with the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, federal authorities have already identified several hallmarks of PPP loan fraud. He allegedly lied about not being under criminal charges he in fact was under indictment for a bribery scheme. Look up the extravagant purchases of the nations record setting check kiter Adam W****man. Auto Repair Shop Owner (California June 5), 11. Here's a list of the PPP loan prosecutions to date: 1. 4 Of The Best Ice Cream Spots In The Atlanta Area Vegan, Too! This case is being investigated by the U.S. He also allegedly submitted forged tax documents. According to the SBA, the Paycheck Protection Program ended on . These are significant questions, and they are questions that you need to answer sooner rather than later. PRIDE Kickball Spring '23 League - Registration Deadline March 9th, Colony Roofers offers services in the Atlanta area, 5 Atlanta Area New Open Houses To Stop By, Jalen Carter Says He Will Be Cleared Of Wrongdoing In Fatal Crash, 3 Atlanta Farmers Markets To Shop Like A Pro, Info Here, 8 Best Places In The Atlanta Area To Take Visitors. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. At the time of his arrest Hayford was a Project Manager for Walmart. Jae H. Choi, a licensed attorney in New Jersey, was charged with getting $9 million in PPP funds from three different lenders, based on fabricated employees and forged documents. East Texas Man and the Online Name Generator (Texas May 19), 5. This owner of a wedding planning company is charged with submitting two PPP applications, and claiming to have 120 employees when he actually had none. He spent $29,ooo on a Harley Davidson. This has caused some entrepreneurs, employers and owners to think twice about applying. He ultimately received over $2 million but the government seized $1.98 million from business bank accounts. 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. Glad theyre doing the work to clean it up and recover some of these funds. Ex-Microsoft Executive (Washington July 23), 28. Postal Inspection Services and the Drug Enforcement Administration of methamphetamine hidden in dog food and shipped to one of the defendants led to the discovery of details of people in Houston, the Washington, D.C.-Metro area, and Metro Atlanta involved in a scheme to defraud the government of money through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 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. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justices National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. The pair allegedly received $97,800 and $125,900 respectively. Main Office: The U.S. Department of Justice say that approximately $11.1 million in PPP loans were taken and the funds were then used to buy luxury vehicles, jewelry, and other personal items. This case is being investigated by the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation, the U.S. Treasury Inspector General for Tax Administration, and the Small Business Administration-Office of the Inspector General. According to the U.S. Sum of Current Approval Amount. Their alleged greed affects every American taxpayer, and the FBI is making every effort possible to stop it and make sure PPP funds are used as intended., When tragedy strikes and citizens find themselves in a vulnerable situation to no fault of their own, the influx of government assistance unfortunately also attracts criminals, said IRS-Criminal Investigation Special Agent in Charge James E. Dorsey. He allegedly transferred a quarter million dollars of proceeds to his personal brokerage account. Antonio George of Michigan was charged in a criminal complaint with trying to obtain $3.1 million in PPP loans on behalf of 19 different companies. Evasiveness and inability (or unwillingness) to produce documentation of PPP compliance is a major red flag for fraud as well. Have a question about Government Services? Justice Department representatives say honest owners acting in good faith shouldnt worry. Forged account statements. Also, the EIDL loan application date has been extended through 2021. Acknowledging PPP loan applicants compliance burdens (and the limited information that was initially made available to applicants), the U.S. Small Business Administration (SBA) offered a grace period within which companies could return improperly obtained PPP loans without penalty. 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. Ultimately Ugarte received funds from Transportation Alliance Bank. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Meet Goyal, MD, an ophthalmologist in Rye, New York, was under indictment for healthcare fraud. We Will Protect Your Rights, Reputation and Freedom. Search. The loan applicants forgiveness process is bound to trigger another round of scrutiny. He was arrested after he booked a same-day flight to Pakistan. Another key aspect of the PPP is that loans issued under the program are eligible for forgiveness if they are used entirely for authorized purposes. A $106K Mercedes and a Ford F-250 (Florida October 23), 61. He allegedly got $22,000 which he then deposited partially into a personal account and partially gave to another company in furtherance of a $5.6 million Medicare kickback scheme. The complaint states he applied on behalf of fake companies with names like White Walker, Khaleesi, and The Nights Watch. For further information please contact the U.S. Attorneys Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. Justice Department lawyers remind everyone that, A criminal complaint is merely an allegation and a defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.. Miami Chiropractor (Florida July 29), 31. An official website of the United States government. You can also check to see how many workers companies receiving the assistance said they kept on the payroll. 1343) and making false statements to the SBA and FDIC-insured banks (18 U.S.C. Victor Montgomery, 43, of Washington, D.C.. Elijah Majak Buoi, president of Sosuda Tech LLC, is charged with fraudulently applying for over $13 million in PPP aid. 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. Five Charged in Connection With PPP Loans Scheme (Wisconsin/Illinois October 22), 60. Princess Terry of Memphis is alleged to have filed and fraudulently obtained $290K in PPP loan funds while on pre-trial release in an unrelated healthcare fraud case. It is free MONEY no one will repay one single dollar. Below are some red flags that could trigger an investigation. Special Agent in Charge Joseph R. Bonavolonta of the FBIs Boston Field Office said in a statement, Thankfully we were able to stop them before taxpayers were defrauded.. 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. This article is updated regularly. Atlanta, GA 30303-3309. A Porsche and Lamborghini (Texas November 17), 68. 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. Six individuals, including the schemes mastermind, Darrell Thomas, have pleaded guilty. According to the SBA, the Paycheck Protection Program ended on May 31, 2021. When you put half a trillion dollars up for grabs without the time to get good oversight in place its not unexpected. 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 To speak with one of our senior federal compliance and defense attorneys in confidence, call 888-680-1745 or request a free PPP risk assessment online now. Tristan Bishop Pan was charged for allegedly seeking $6 million in Paycheck Protection Program loan. You can also check to see how many workers companies receiving the assistance said they kept on the payroll. Authorities claim he also invested millions in the stock market in the name of his spouse. Sum of Initial Approval Amount. The overwhelming majority of owners who received PPP loans legitimately used the money to retain employees and stay operational. Sum of Undisburse Amount. 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. A small number of fraudulent cases was inevitable given the amazing speed with which the Paycheck Protection Program came into being. Richard B. Russell Federal Building Lock He allegedly claimed to have 250 employees when there is no record of any in his business, Rai Family LLC. Where: The Bank of America PPP loans class action was filed in a California federal court. Nadine Consuelo Jackson is charged with bank fraud and other charges for seeking a forgivable loan in the amount of $1.3 million, $1.2 million and another $46,000 in Economic Injury Disaster funding. This is the latest in an onslaught of PPP fraud cases in Georgia and across the U.S. . Man Under Indictment (Wisconsin July 8), 21. The defendants are charged with various counts of conspiracy to commit wire fraud, wire fraud, bank fraud, mail fraud, and money laundering. The Justice Department is hot on their trail. The U.S. Secret Service and IRS participated in this investigation, along with the U.S. Attorney for the Southern District of Florida. Eight other defendants include Damion O. Mckenzie, Andre M. Clark, Keyaira Bostic, Wyleia Nashon Williams, James R. Stote, and Ross Charno, all of Florida. Arman Manukyan, a San Fernando Valley man, is charged with fraudulently obtaining an $867,000 loan for a shell sewing company, Argo Global. He allegedly obtained $841,000 in PPP funds for a defunct contracting company with no employees, called True-Cut. The impact of COVID-19 on small businesses around the country has been devastating, said Acting U.S. Attorney Kurt R. Erskine. Most of the funds are going to help the nations 31 million small businesses. Sign up for free Patch newsletters and alerts. 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. Providing false statements to gain access to SBAs programs will be aggressively investigated by our office, said Hannibal Ware, Inspector General of the U.S. Small Business Administration, in a statement. Geoffrey M. Palermo of Novato faces charges of wire fraud and making false statements. Hollywood Film Producer (California May 22), 7. However, none of the businesses had any legitimate business with any of the businesses or accounts to which they sent the proceeds. Fake IRS filings. Attorneys Tal Chaiken and Nathan Kitchens of the Northern District of Georgia and Trial Attorney Siji Moore of the Criminal Divisions Fraud Section are prosecuting the case. Authorities say he went on a personal spending spree with taxpayer money. Fahad Shah got $1.5 million in funds. The loan applications for each company were between $700,000 and $850,000. Although the amount of the loans, $9,400 and $20,800, are not as large as some on the list, United States government agencies are not giving them any slack. 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. She allegedly claimed to have 73 employees at her Dayton private investigation company. Obtaining more than one PPP loan (or stacking PPP loans) is prohibited, and companies that applied with multiple lenders could face allegations for attempting to stack PPP loans. Celebrities, entertainers and business leaders are among 19 people recently indicted in Georgia on charges that they defrauded the Paycheck Protection Program for a total of more than $3 million. The indictment alleges Kanan was under federal indictment on an unrelated matter at the time. After the PPP loan proceeds were deposited into the businesses accounts, the businesses transferred more than $5.5 million of the PPP loan proceeds into accounts controlled by Darrell Thomas, purportedly for rental payments and payroll. Secure .gov websites use HTTPS Fugitive defendant who fled during trial convicted by federal jury for laundering millions of dollars stolen from fraud victims throughout the U.S. 10 Defendants Indicted In Multi State, Fraudulent COVID 19 Related Business Loan Scheme. The Cryptocurrency Investor (Texas July 14), 25. According to the SBA, thePaycheck Protection Program ended on May 31, 2021. On March 16, 2020, Attorney General William Barr directed all 94 U.S. Attorneys Offices to prioritize investigating and prosecuting PPP loan cases of fraud. Kyle William Brenizer of St. Paul is charged with wire fraud and money laundering. Funds for a bribery scheme IRS filings one of the businesses had any legitimate business any. 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