Why can't people just be decent human beings? Why do people feel like they always need to take advantage of a situation even if it is morally wrong to do so?
One Texas man is getting ready to probably head to prison after he created more than 500 fake employees so that he could apply for a loan for over $5.5 million from the Paycheck Protection Program.
The man even used a random name generator to come up with the names that he used to apply for the forgivable loans.
Washington Time reported,
The monetary amount is the largest of any coronavirus stimulus fraud case brought so far by federal prosecutors.
Samuel Yates, 32, of Maud, Texas, is charged with wire fraud, bank fraud, making false statements to a financial institution and false statements to the Small Business Administration (SBA).
Prosecutors said Mr. Yates asked two banks for millions of dollars in forgivable loans guaranteed by the SBA under the Coronavirus Aid Relief and Economic Security (CARES) Act.
Mr. Yates told the first bank he needed $5 million to cover the costs of more than 400 employees with an average monthly payroll of $2 million, the Justice Department said. In the second application, Mr. Yates obtained a $500,000 loan by telling the bank he had more than 100 employees, according to prosecutors."
What's sad is that he's not even the first person to try doing something like this. He's actually the forth person who has been arrested for it. Did he really not expect the government to audit this?
Earlier this month two businessmen were charged in the District of Rhode Island with allegedly filing bank loan applications fraudulently seeking more than a half-million dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
David A. Staveley, aka Kurt D. Sanborn, 52, of Andover, Massachusetts, and David Butziger, 51, of Warwick, Rhode Island, are charged with conspiring to seek forgivable loans guaranteed by the SBA, claiming to have dozens of employees earning wages at four different business entities when, in fact, there were no employees working for any of the businesses.
Staveley and Butziger are charged by way of a federal criminal complaint with conspiracy to make false statement to influence the SBA and conspiracy to commit bank fraud. Additionally, Staveley is charged with aggravated identity theft. Butziger is charged with bank fraud.
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