Red Flags: The First Year of COVID-19 Loan Fraud Cases
With over $189 billion in questionable Paycheck Protection Program loans, law enforcement has just scratched the surface
The Justice Department has brought criminal charges against at least 209 individuals in 119 cases related to Paycheck Protection Program (PPP) fraud since banks and other lenders began processing loan applications on behalf of the Small Business Administration on April 3, 2020. And these cases are just the beginning.
A Project On Government Oversight (POGO) review of court filings up to April 2, 2021, found that the charged individuals allegedly sought a total of nearly $445 million in Paycheck Protection Program loans. (In late March, the Justice Department told Congress that it had “charged $446.8 million in losses related to PPP.” Some of these cases may still be under seal and charges are routinely being unsealed.) More than half of that amount—$246 million—actually went to accused fraudsters. In other words, lenders and the Small Business Administration did not prevent the alleged fraud in these instances before taxpayer dollars went out the door.
^ Let us see if “Kyrie Eleison” deletes this post too. He/she/it likes to post provocative lies and then deletes the post when commenters show that he/she/it is wrong.
For some reason this reminds me of an incident at work years ago—one of our leading analysts came to work mad as anything. Her family was being audited because they (and others) had been sending their kids to the local Catholic school and claiming the school tuition as a charity deduction. Evidently, when a couple of hundred families claim the exact same deduction, the IRS eventually notices. The IRS also noticed that they had been depositing money into their children’s bank accounts (as gifts) and then writing checks on it themselves. This was a person known for her honesty and integrity at work, who had received many awards for her outstanding leadership and analytic work — who worked for the same government that she and her husband were defrauding. I didn’t understand it then and I don’t understand it now.
mwksix almost 3 years ago
Did anyone use their PEDL’s for their workers? Asking for a friend…
superposition almost 3 years ago
A Republican attorney that I know refused the help for his firm when it was first offered and now regrets it.
Radish the wordsmith almost 3 years ago
Red Flags: The First Year of COVID-19 Loan Fraud Cases
With over $189 billion in questionable Paycheck Protection Program loans, law enforcement has just scratched the surface
The Justice Department has brought criminal charges against at least 209 individuals in 119 cases related to Paycheck Protection Program (PPP) fraud since banks and other lenders began processing loan applications on behalf of the Small Business Administration on April 3, 2020. And these cases are just the beginning.
A Project On Government Oversight (POGO) review of court filings up to April 2, 2021, found that the charged individuals allegedly sought a total of nearly $445 million in Paycheck Protection Program loans. (In late March, the Justice Department told Congress that it had “charged $446.8 million in losses related to PPP.” Some of these cases may still be under seal and charges are routinely being unsealed.) More than half of that amount—$246 million—actually went to accused fraudsters. In other words, lenders and the Small Business Administration did not prevent the alleged fraud in these instances before taxpayer dollars went out the door.
https://www.pogo.org/investigation/2021/04/red-flags-the-first-year-of-covid-19-loan-fraud-cases/
RAGs almost 3 years ago
^ Let us see if “Kyrie Eleison” deletes this post too. He/she/it likes to post provocative lies and then deletes the post when commenters show that he/she/it is wrong.
FrankErnesto almost 3 years ago
We knew that there was going to be plenty of fraud involved when the Republicans came out in favor of these ‘loans’.
GreenT267 almost 3 years ago
For some reason this reminds me of an incident at work years ago—one of our leading analysts came to work mad as anything. Her family was being audited because they (and others) had been sending their kids to the local Catholic school and claiming the school tuition as a charity deduction. Evidently, when a couple of hundred families claim the exact same deduction, the IRS eventually notices. The IRS also noticed that they had been depositing money into their children’s bank accounts (as gifts) and then writing checks on it themselves. This was a person known for her honesty and integrity at work, who had received many awards for her outstanding leadership and analytic work — who worked for the same government that she and her husband were defrauding. I didn’t understand it then and I don’t understand it now.
Lydushka almost 3 years ago
Yup, and it’s only as good as the paper it’s printed on! all the money is gone to tRump and his cronies..