Online Lender Helped Scammers Steal Millions From Paycheck Protection Program – IOTW Report

Online Lender Helped Scammers Steal Millions From Paycheck Protection Program

ProPublica

As the first round of the federal government’s relief program for small businesses wound down last summer, “Ritter Wheat Club” and “Deely Nuts,” ostensibly a wheat farm and a tree nut farm, each got $20,833, the maximum amount available for sole proprietorships. “Tomato Cramber,” up the coast in Brielle, got $12,739, while “Seaweed Bleiman” in Manahawkin got $19,957.

None of these entities exist in New Jersey’s business records, and the owners of the homes at which they are purportedly located expressed surprise when contacted by ProPublica. One entity categorized as a cattle ranch, “Beefy King,” was registered in PPP records to the home address of Joe Mancini, the mayor of Long Beach Township.

“There’s no farming here: We’re a sandbar, for Christ’s sake,” said Mancini, reached by telephone. Mancini said that he had no cows at his home, just three dogs. More

Read the article, it’s fascinating how the welcome mat to stealing millions from the Small Business Administration was hung out by online lenders who performed shoddy underwriting of government loans.

2 Comments on Online Lender Helped Scammers Steal Millions From Paycheck Protection Program

  1. Government – where else can so many people (i.e., taxpayers) be screwed over by so few (i.e., government programs run my imbeciles) to benefit even fewer (i.e., human leeches).

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