A $53 million fraud scheme is the latest in a slew of cases federal prosecutors in Texas are pursuing against fraudsters who preyed on the federal government’s ...
“Some fraud is inevitable. That’s the price that the government was willing to pay to get the money as quickly as possible into the hands of those that really needed it,” Gonzalez said.The easy application process, with little vetting tied to it, effectively invited business owners to apply for the money. In extreme cases, recipients used the loan proceeds to buy sports cars and fancy homes, rather than to retain employees.after he applied for a $24.
8 million PPP loan and received over $17 million. He applied using 15 businesses, many of which did not have employees and were registered after the CARES Act was passed.Prosecutors said Sah used the money to buy homes in Texas, pay off mortgages for his homes in California and purchase a Bentley convertible, a Corvette Stingray and a Porsche Macan. He was forced to pay nearly $17.3 million in restitution, forfeit eight homes, six cars and more than $9 million.
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