Providing Confidential, Trustworthy Guidance And Representation

PPP Loan Fraud is Rampant

On Behalf of | Jun 23, 2021 | Firm News

U.S. Attorney’s offices from around the Country have been replete with cases involving PPP loan fraud.  While our neighbors and our World was in the throes of public health and economic despair, all too many fraudsters were at work trying to defraud the system. They saw the money from the CARES Act as a means to swindle millions of dollars in public money through the PPP loan program.  They used such ill gotten gains to buy expensive sports cars, properties and jewelry.  U.S. Attorney’s Offices around the Country continue to investigate and bring to justice these fraudsters.

According to their March 26, 2021 press release, the Southern District of Florida is a national leader in Covid-19 financial fraud prosecutions.  In the last month, the district has charged the 18 federal criminal cases listed below alleging Covid-19/CARES Act-related financial fraud. Since passage of the CARES Act one year ago, the South Florida U.S. Attorney’s Office has charged a total of 38 COVID-19 financial fraud cases, with fraud scheme dollar amounts totaling over $75 million.

“When the CARES Act was first passed a year ago, our office promised South Floridians that we would prioritize the prosecution of fraudsters who tried to capitalize on this global health and economic crisis,” said Ariana Fajardo Orshan, the United States Attorney for the Southern District of Florida. “Our work has just begun, and we will continue to work together with our partners to hold accountable those who try to cheat South Floridians of much needed relief money.”

The private and public sectors must work together to bring these particularly despicable fraudsters to justice.