Fraud Friday: First fraud case involving PPP loans - Spidell

Fraud Friday: First fraud case involving PPP loans


Two men have been charged in the first fraud case involving Paycheck Protection Program loans. Together, the men created fictitious employees for several businesses that were not in operation prior to the start of the COVID-19 pandemic and used this information to obtain loans totaling almost $550,000. One of the businesses had never existed at all and one was a separate business operation unrelated to either of the men. Both are charged with conspiracy to make false statements and conspiracy to commit bank fraud. One of the men posed as his brother in real estate transactions and is also charged with aggravated identity theft. (USA Today: https://bit.ly/2SCYQN0)

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