6 indicted in PR over $9M Pandemic Fund fraud scheme
A federal grand jury in Puerto Rico has indicted six individuals, including a banker, for their alleged involvement in a fraudulent scheme to obtain $9 million in government pandemic relief funds.
The US Attorney's Office announced on Wednesday, April 5, 2023, that the suspects face charges including wire fraud and money laundering.
US Attorney Stephen Muldrow commented on the case, saying, "This case demonstrates the brazenness with which the defendants took advantage of federal programs meant to help businesses that were severely affected by the Covid-19 pandemic."
According to authorities, the suspects submitted more than 270 loan applications between April 2020 and April 2023, using falsified identification, tax documents, payroll records, and bank records to illegally secure federal recovery funds. The funds were intended to aid businesses struggling due to the pandemic.
In response to the alleged scheme, officials revealed that the US government has seized nearly $850,000 of the proceeds from an unnamed bank where one of the suspects was employed. The investigation into the fraud is ongoing, with further actions anticipated as authorities work to hold those responsible accountable and recover the misappropriated funds.
US Attorney Stephen Muldrow commented on the case, saying, "This case demonstrates the brazenness with which the defendants took advantage of federal programs meant to help businesses that were severely affected by the Covid-19 pandemic."
According to authorities, the suspects submitted more than 270 loan applications between April 2020 and April 2023, using falsified identification, tax documents, payroll records, and bank records to illegally secure federal recovery funds. The funds were intended to aid businesses struggling due to the pandemic.
In response to the alleged scheme, officials revealed that the US government has seized nearly $850,000 of the proceeds from an unnamed bank where one of the suspects was employed. The investigation into the fraud is ongoing, with further actions anticipated as authorities work to hold those responsible accountable and recover the misappropriated funds.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
