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Monday, April 12, 2021 On April 2, 2021, the acting U.S. Attorney for the District of New Jersey released an update of her office’s efforts to prevent fraud related to the COVID-19 pandemic, noting prosecutions involving the Paycheck Protection Program, the Economic Injury Disaster Loan program, and the Unemployment Insurance programs, as well as prosecutions involving price-gouging and hoarding of critical personal protective equipment. The announcement comes on the heels of a similar one by Attorney General Merrick Garland last month, who marked the one year anniversary of the passage of the CARES Act by announcing that, in the past year, the Department of Justice has charged nearly 500 individuals with COVID-related fraud. These announcements serve as important reminders that, even as the vaccine roll out continues and life regains a sense of normalcy, federal prosecutors continue to actively monitor price gouging compliance. ....
PPP Fraud: How a Californian AUSA Created a Smart and Efficient Precedent to Combat Inadvertent Loan Fraud Monday, April 5, 2021 If there is a lesson from the cases involving business owners experiencing bank freezes or encouners with law enforcement so far, it is the impression that banks and Justice Department officials have tried to apply standard law enforcement protocols irrespective of the nature of the allegations or the size of the fraud. It failed; it consumes vast government resources while risking over-criminalization. Not every hard-working but struggling business owner should face asset freezes and criminal prosecution just because, for example, they made a simple accounting error. To be clear, the vast majority of clients did not buy a new boat or a luxury car from loan money; they simply miscalculated the correct loan amount at a time when even their own CPA was understandably unfamiliar with the qualifying requirements. ....
Houston woman accused of buying homes, Land Rover and Chanel items in alleged $3.7M PPP scam KTRK Share: HOUSTON, Texas (KTRK) A 37-year-old Houston woman is being accused of buying dozens of luxury items using CARES Act money. The Justice Department indicted 37-year-old LaDonna Wiggins with bank fraud, making a false statement to a bank and money laundering. LaDonna Wiggins, 37, is now facing up to 30 years in federal prison after she allegedly used #CARESAct funds for lavish personal purchases. Court documents state she bought 2 homes, built a pool, spent over $36k at Amazon, about $5k at Helzberg diamonds and the list goes on: pic.twitter.com/y03Z4KGhgY Mayra Moreno ABC13 (@MayraABC13) March 3, 2021 ....
Monday, March 1, 2021 A year after the COVID-19 pandemic hit the U.S., it remains to be seen how the Biden Administration will approach enforcement against businesses who received pandemic relief through the CARES Act and other federal spending packages. Nonetheless, patterns of enforcement related to pandemic assistance in 2020 may provide insight into potential enforcement trends in 2021. While initial cases have largely focused on small businesses that submitted fraudulent applications for relief funds (i.e. low-hanging fruit), these cases may set the stage for DOJ enforcement against larger companies. Enforcement cases in 2020 focused on the most obvious cases of fraud. The vast majority of enforcement cases concerned fraudulent applications and use of stimulus funds for small businesses, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). Many of these enforcement actions alleged that individuals submitted applications ....
Private Bank, Correspondent, MLO Jobs; CRM, Jumbo, Sales Tools; LDI Now Public; Wells PPP Fraud Example Feb 12 2021, 8:16AM Lending and real estate are permanently linked. On the mortgage side of things, the podcast of today’s commentary features thoughts on the $1.5 billion cap on Agency whole loan sales, and it can be heard via Apple, Spotify, or Google: subscribe and download. On the real estate side of things, inventory issues around the nation continue. Remember that ten years ago large corporations were soaking up the majority of homes that came on the market. I mention this because they still own hundreds of thousands of residences and these companies have certainly enjoyed the appreciating market for real estate. (One of them, Blackstone, is buying Interior Logic Group for $1.6 billion. Interior Logic Group is a national provider of interior finish and design technology: a data-driven and technology-enabled provider of interior design ....