A man in Arkansas was charged in Federal court last week with fraud based on accusations by investigators that he tried to obtain an $8-million loan under the Payment Protection Plan using false information.
Federal prosecutors say the 32-year-old man attempted to secure the loans from several banks by telling each that he had payroll expenses that he didn’t in fact have. Not only allegedly filling in the forms with fraudulent information, investigators say he fabricated fictional supporting documentation with false payroll information.
In addition to falsifying payroll amounts, the defendant allegedly lied about the entity requesting the funds. In the paperwork submitted to the banks, the defendant allegedly claimed a partnership entity he used to employ people was formed in January of this year. However, investigators say the entity was not formed until a few days prior to the loan applications.
The defendant is facing federal charges of wire fraud, bank fraud, making false statements to a financial institution, and making false statements to the SBA. The case will be prosecuted in the Northern District of Oklahoma, but no dates have yet been set.
The Law Offices of Bjorn Brunvand have been representing people charged with capital murder, felony drug charges, drunk driving, government fraud, and white-collar crimes for over a quarter century. Contact our office today to discuss your Tampa Bay-area state or federal charges.