A Washington, D.C. man is facing Federal fraud charges on allegations that he submitted false information to a bank in an effort at fraudulently obtaining Paycheck Protection Program (PPP) loan.
The 40-year-old man allegedly submitted a number of fake and fraudulent documents to the bank asking for a pair of loans totaling over $40,000. They say he asked for the loans to help a construction firm he owned.
Per investigators, the loans were supported by fraudulent 1099-MISCs that purported to show payments of tens of thousands of dollars. However, they say the social security numbers used on those forms were either not valid numbers or were assigned to other individuals. He also allegedly sent in a tax return showing an income of $175,565 for last year to support the loan applications. However, investigators say he previously reported only $1 of income for last year, allegedly in order to receive a stimulus payment of $1,200.
The defendant was charged in Federal court last week with one count of making false statements to a financial institution. No dates for subsequent appearances in the case have yet been announced.
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