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Man sentenced for his role in COVID-19 relief fraud scheme | Internal Revenue Service
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Man Sentenced for His Role in COVID-19 Relief Fraud Scheme
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A Wisconsin man was sentenced today to 57 months in prison for fraudulently obtaining over $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Thomas Smith, of Pewaukee, pleaded guilty on Feb. 23. According to court documents and statements, Smith fraudulently sought over $1.2 million in PPP loans through applications to a federally insured financial institution on behalf of eight different companies. According to his plea agreement, Smith caused to be submitted fraudulent loan applications containing numerous false and misleading statements about the companies respective payroll expenses. Based on these representations, the financial institution approved and funded over $1 million in loans. Smith then directed his co-conspirators to send him portions of the PPP funds.
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Milwaukee, Wisconsin - A Wisconsin man pleaded guilty for his role in fraudulently obtaining over $600,000 in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
According to court documents, Stephen Smith, 42, of Milwaukee, admitted that he fraudulently sought, on behalf of three different companies, over $600,000 in PPP loans through applications to an insured financial institution. According to his plea agreement, Smith caused fraudulent loan applications to be submitted that made numerous false and misleading statements about the companies’ respective payroll expenses. Smith then directed his co-conspirators to send him portions of the PPP funds within days of receiving them and used the proceeds for personal expenses.
A Wisconsin man pleaded guilty today for his role in fraudulently obtaining over $600,000 in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
According to court documents, Stephen Smith of Milwaukee, admitted that he fraudulently sought, on behalf of three different companies, over $600,000 in PPP loans through applications to an insured financial institution. According to his plea agreement, Smith caused fraudulent loan applications to be submitted that made numerous false and misleading statements about the companies respective payroll expenses. Smith then directed his co-conspirators to send him portions of the PPP funds within days of receiving them and used the proceeds for personal expenses.
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