LS Cable & System USA, Inc. is accused of misrepresenting the number of its employees and personnel to obtain more than $2 million in loan funds and loan forgiveness it was not eligible for.
A cable manufacturer headquartered in Tarboro has agreed to pay $4 million to resolve allegations that it submitted false claims for Paycheck Protection Program loans and loan forgiveness, according to the U.S. Attorney’s Office for the Eastern District of North Carolina.
LS Cable & System USA Inc. was accused of knowingly misrepresenting the number of its employees and affiliated workers to obtain more than $2 million in PPP loan funds and forgiveness.
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The U.S. Attorney’s Office said the False Claims Act allows the federal government to recover up to three times the amount obtained through false claims, along with penalties for each claim and attorney’s fees.
“This civil fraud settlement demonstrates our commitment to protect taxpayer money and to guard the integrity of our federal programs,” U.S. Attorney Ellis Boyle said. “Our office will zealously pursue those who wrongfully take funds in violation of program requirements.”
LS Cable denied the allegations. The claims resolved through the settlement are allegations only, and the agreement does not constitute an admission of liability.
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