Houston man sentenced to more than 9 years in prison for getting nearly $1.6M in PPP loans and spending it on Lamborghini, strip clubs
The Houston man accused of going on a shopping spree after receiving more than $1.6 million from the Small Business Associationโs Paycheck Protection Program has been sentenced to 110 months in prison, the U.S. Justice Department announced Monday.
Houston man pleads guilty to federal charges for fraudulently getting $1.6M in PPP loans
A Houston man has pleaded guilty Monday to federal charges for getting more than $1.6 million in Paycheck Protection Program loans, designed to help struggling small businesses pay their employees and stay afloat during the COVID-19 pandemic.
Houston man accused of fraudulently getting $1.6M from a COVID-19 relief program was one of many, records show
The money was part of the emergency COVID-19 relief program through the Small Business Administration, a program designed to help struggling small businesses pay their employees and stay afloat during the pandemic. Jerry Tarnopol, an SBA Loan Specialist at Community Bank, said with a program this big, fraud was a possible likelihood. โIt saddens me that it happened, but youโve got to expect itโs going to happen with such a big program. Price now faces federal charges of making false statements to a financial institution, wire fraud, bank fraud, and engaging in prohibited monetary transactions. Heโs not the only one Federal Prosecutors have charged with crimes related to the SBAโs PPP program.