Casey David Crowther has been accused of fraudulently acquiring millions through the Paycheck Protection Program.
A Florida business owner who received over $ 2 million in COVID-19[female[feminine Relief funds used nearly $ 700,000 to buy a 40-foot boat, authorities said.
Casey David Crowther, 35, was arrested and charged with fraudulently acquiring millions through the Paycheck Protection Program (PPP) for his company Target Roofing & Sheet Metal, Inc., The hill reports.
The PPP was part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The program was put in place to help small businesses pay their employees and maintain operations during the coronavirus pandemic.
According to the complaint, Crowther made false and misleading statements to a lender in April in order to secure the loan.
He then used about $ 689,417 of the funds to purchase a 2020 40ft catamaran. Prosecutors said he transferred the rest of the money to several business accounts and closed the account he used to get the ready.
If convicted, he faces up to 30 years in federal prison.
Crowther is the latest business owner charged with fraud by federal prosecutors for P3 loan crimes.
leGRIO Previously reported, Love and hip-hop Atlanta The star, Arkansas Mo, was indicted in May with federal bank fraud after investigators discovered he had used funds from a $ 2 million paycheck protection program loan to purchase items from luxury for itself.
Mo, born Maurice fayne, allegedly bought $ 85,000 worth of jewelry, including a Rolex presidential watch, a diamond bracelet and a 5.73-carat diamond ring. He also paid $ 40,000 in child support.
According to MSN, The US Department of Justice also seized $ 80,000 in cash from the house and found a 2019 Rolls-Royce Wraith that still had temporary tags on it. Officers also seized three bank accounts to which Fayne allegedly transferred $ 503,000 in P3 funds.
“The accused allegedly stole money intended to help hard-hit employees and businesses in these difficult times, and instead used the money greedily to finance his lavish purchases of jewelry and other personal items,” said the deputy attorney general. Brian A. Benczkowski said in a statement. “The department will remain steadfast in our efforts to root out and prosecute fraud against the Paycheck Protection Program.”
Over $ 3 billion in PPP loans may have gone to businesses and businesses that should have been excluded from the program, The hill reports.
These growing cases of fraudulently obtained loans continue to spark debate on social media among black entrepreneurs who have been denied loans through the P3. According to a recent report by the Small Business Administration, black and Hispanic businesses have been largely excluded from access to finance.
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