Headlines that Matter for Companies and Executives in Regulated Industries
Earlier this week, federal prosecutors in the Southern District of New York announced the unsealing of a criminal complaint charging six defendants with conspiracy to commit wire fraud affecting a financial institution through their submissions of fake Paycheck Protection Program (PPP) loan applications between July 2020 and February 2022.
The defendants allegedly submitted over 100 fraudulent loan applications to a variety of financial institutions, often attaching fabricated bank documents and tax statements. The government has also alleged that defendants received kickbacks from individuals and businesses in exchange for filing the applications.
In total, the phony applications submitted by the conspirators allegedly amounted to $14.7 million in PPP loans and resulted in $4.6 million in actual disbursements from certain banks.
Each defendant faces up to 30 years in federal prison.
The case is United States v. Walker, Case No. 23-mj-04465.
Read the US Department of Justice’s (DOJ) press release here.
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