PPP loans were meant to protect small businesses facing historic and existential disruptions to operations, not grant private equity fund managers free money to further consolidate their wealth.”
— Max Rodriguez
NEW YORK, NY, UNITED STATES, December 19, 2024 /EINPresswire.com/ -- The United States Department of Justice announced that it had reached a settlement with Lafayette RE Management, LLC, and Thibault Adrien, a French national who is CEO and majority owner of Lafayette, for $680,000 to resolve a qui tam whistleblower lawsuit filed by Jesus Nunez-Unda — a former executive of Lafayette, alleging that they violated the False Claims Act. The case is United States ex rel. Nunez-Unda v. Lafayette RE Management LLC, Brandywine Homes USA LLC, and Thibault Adrien, No. 5:22-cv-000659 (W.D. Tex.).
Lafayette is one of the nation’s largest single-family residential real estate asset managers. Lafayette, a private equity landlord, owns over 5,000 homes leased through its Brandywine Homes affiliate in numerous metro areas around the United States.
Mr. Nunez-Unda’s complaint — the basis of DOJ’s settlement — alleged that Lafayette, another related entity, and Adrien committed fraud by improperly securing Paycheck Protection Program (“PPP”) loans guaranteed by the United States Small Business Administration (“SBA”). In particular, Adrien falsely certified that these entities’ loans were necessary to support ongoing operations due to the economic uncertainty of COVID. The settlement...
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