Fraudsters used Paycheck Protection Program loans for Bentleys, diamonds, luxury homes: watchdog – IOTW Report

Fraudsters used Paycheck Protection Program loans for Bentleys, diamonds, luxury homes: watchdog

Just The News:

This week’s Golden Horseshoe goes to the Small Business Administration for millions in Paycheck Protection Program loans it issued to fraudsters who used the money to purchase luxury homes, high-priced jewelry and expensive cars, including a Bentley and two Lamborghinis, according to a watchdog report.

The Paycheck Protection Program had the highest percentage of cases of criminal activity of all the pandemic relief programs, according to the Pandemic Response Accountability Committee’s recent Semiannual Report to Congress.

“A total of 14 OIGs have indictments/complaints, arrests, and/or convictions from April 1, 2021, through September 30, 2021, related to the federal government’s COVID-19 pandemic response,” PRAC reported. 

The PPP program had 49% of those criminal activity cases.

While the cases of PPP fraud continue to be investigated and reported, some of the more egregious examples are detailed in the recent report and on PRAC’s website and show many were able to defraud the loan process. more

5 Comments on Fraudsters used Paycheck Protection Program loans for Bentleys, diamonds, luxury homes: watchdog

  1. Because we’re a small business people kept telling us you need to sign up before it’s all gone. We didn’t of course, but I know many others who were also “essential” who did.
    One guy said he bought a new truck and new boat and went on a vacation.
    Another guy spent all of his on new race cars and new race car motors.
    Another guy bought a Toter and stacker with his.

    These are all Republican voters who see nothing wrong with that.

    Wasn’t this part of the CARES ACT as well? The same bill that gives hospitals up to an additional $100 grand for killing covid patients and took away patients’ rights?

    Get pissed at me all you want, but Trump screwed us and it pains me to say that as I was one of the first to jump on the bandwagon.

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  2. Same types of things were in the News in Canuckistan.
    The Government looks like it will not be prosecuting.
    One Ontario Government asshole said,”It still made it into the economy.”

    2
  3. EVERY government program is meant for the siphon – the skim.
    There was a guy who had a window company back in the Obola days whose wife worked to get Obola elected. He “donated” $3,200 to the Obola campaign and was rewarded with a $14,000,000 (if memory serves) “green” window deal (which he took) and then filed bankruptcy.
    And it goes on and on.

    mortem tyrannis
    izlamo delenda est …

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  4. TIM -FJB

    A common TAX SKIM using charities.

    At charitable functions I have been to, the hosts sometimes have an “extra” collection beyond the Door/Plate costs.
    They circulate with a cash rafel or just a straight cash donation request.
    The cash is collected by Host party. Commonly a Banquet Hall in Woodbridge, Ont.
    Host party actually sends cheque for said amount from his personal company.
    He/Company gets a legitimate TAX DEDUCTION and Cash donation is pocketed not only TAX FREE, but getting an actual corporate tax credit.

    Just thought some would like to know. I always donate by Cheque or Credit Card, never cash.

    Cheers.

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