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(Photo : Daniel Thomas/ Unsplash) Lending Platform Issues Hundreds of Paycheck Protection Program Loans to Fake Farms, Companies
Kabbage, an online lending company, sent 378 Paycheck Protection Program (PPP) loans totaling $7 million to fake companies, mostly farms. The Ocean County, New Jersey shoreline villages lined with vacation homes and ice cream parlors are a summertime getaway for crowds of city dwellers.
Online lending firm sends PPP Loans amounting to $7 million to bogus farms
Ritter Wheat Club and Deely Nuts, respectively a wheat farm and a tree nut farm, each received $20,833, the total amount eligible for sole proprietorships when the first round of the federal government s small business relief scheme came to an end last summer. Up the coast in Brielle, Tomato Cramber received $12,739, while Seaweed Bleiman in Manahawkin received $19,957.
$7M in PPP Loans Went to Fake Businesses Mostly Registered As Farms Across US: Study
On 5/24/21 at 12:15 PM EDT
An investigative report from
ProPublica this week shows bogus businesses with names like Ritter Wheat Club and Deely Nuts obtained the $20,833 maximum amount available for sole proprietorships. In New Jersey, the address listed in PPP loan filings for a fake cattle ranch, Beefy King, is actually the home address for Long Beach Township Mayor Joe Mancini. Numerous business owners brought complaints to the publication after they received loans through the Kabbage online lending platform, which prompted the
ProPublica investigation.
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Maryland pastor arrested on fraud charges after buying 39 cars with $1.5 million in PPP loans, feds say
Rudolph Brooks bought a Tesla Model 3, among other luxury vehicles
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Tesla stock photo (Pixabay)
GREENBELT, Maryland – A pastor in Maryland has been arrested by federal authorities on charges of wire fraud after authorities allege he fraudulently obtained more than $1.5 million in PPP loans.
The U.S. Attorney’s Office in the District of Maryland shared a news release detailing the complaints against Rudolph Brooks Jr., 45, following his arrest on April 2.
Brooks allegedly applied for Paycheck Protection Program and Economic Injury Disaster Loans on behalf of a company called Cars Direct which lists Brooks as the owner.