https://www.pogo.org/investigation/2021/04/red-flags-the-first-year-of-covid-19-loan-fraud-cases/
QuoteMore than a year after the pandemic brought much of the economy to a standstill, mounting fraud cases underscore how the Small Business Administration's (SBA) oversight of its massive taxpayer-backed lending programs proved to be inadequate as they became magnets for fraudsters.
The Justice Department has brought criminal charges against at least 209 individuals in 119 cases related to Paycheck Protection Program (PPP) fraud since banks and other lenders began processing loan applications on behalf of the Small Business Administration on April 3, 2020. And these cases are just the beginning.
A Project On Government Oversight (POGO) review of court filings up to April 2, 2021, found that the charged individuals allegedly sought a total of nearly $445 million in Paycheck Protection Program loans. (In late March, the Justice Department told Congress that it had "charged $446.8 million in losses related to PPP." Some of these cases may still be under seal and charges are routinely being unsealed.) More than half of that amount—$246 million—actually went to accused fraudsters. In other words, lenders and the Small Business Administration did not prevent the alleged fraud in these instances before taxpayer dollars went out the door.
Created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program has lent out $755 billion to businesses as of April 11. Congress also authorized the Small Business Administration's existing Economic Injury Disaster Loan (EIDL) program to lend in response to the pandemic, and nearly $202 billion in loans through that program have been approved as of April 1.
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At least one Small Business Administration employee allegedly took bribes last year to process fraudulent Economic Injury Disaster loans, according to criminal charges recently unveiled by the Justice Department related to the developing scandal involving Representative Matt Gaetz (R-FL).
Both programs lacked basic anti-fraud safeguards and the Small Business Administration exercised insufficient oversight, according to the agency's watchdog, the Government Accountability Office, and congressional committees that have investigated the programs.
The number of potentially questionable loans approved through these programs is vast, as will be the task of determining how many of those loans were fraudulent or otherwise improper. An internal analysis last fall by the Small Business Administration identified "over 2 million approved PPP loan guarantees" worth some $189 billion that were "potentially" not in compliance with the law, though it may turn out that many of those loans were not fraudulent.
The Justice Department has accused numerous defendants of using Paycheck Protection Program loans for unlawful purposes, such as purchasing private planes, sports cars, and taking pricey trips to Las Vegas casinos.
POGO's analysis of the first full year's worth of Paycheck Protection Program fraud cases found that in at least:
107 of the cases, accused individuals allegedly falsified payroll documentation to justify either getting a loan or getting a bigger loan then they were eligible for;
93 of the cases, accused individuals allegedly created fake tax documents used for verifying details in loan applications;
41 of the cases, accused individuals allegedly created bogus companies to get loans;
28 of the cases, accused individuals allegedly used defunct companies to get loans;
20 of the cases, accused individuals used stolen identities or aliases while applying for loans;
12 of the cases, accused individuals allegedly falsified ownership of existing legitimate businesses;
28 of the cases, accused individuals also obtained Economic Injury Disaster loans (some of these individuals have been accused of fraudulently obtaining these loans as well).
Some of these cases involve multiple defendants. For instance, in one larger case, the Justice Department has charged 19 individuals to date. As of late March, the department has obtained 48 convictions.
Law enforcement insiders say many more pandemic loan fraud cases will be brought in the months and years ahead.
SSSSSSSS
and you know fckn WHAT
take all these fake ass forex and nigger stock market gurus to jail with them
SICK of these broke phaggs tryna act like they know finances. Nigger you can't even manage a regular paycheck and you had the audacity to claim like you're a businessman
it's insulting to the ppl who have legitimately built minority owned business off the sweat off of our back
take these fckn Monkeys to jail
A lot of my family members did it ..they finna gag
I wanna see these niggas FRY
Quote from: The Night King on April 22, 2021, 10:15:11 AM
A lot of my family members did it ..they finna gag
:plzstop:
:guys:
Ion know what ANY of this means
Is this like food stamps?
What's a food stamp?
n
Quote from: L0NZ. on April 22, 2021, 10:19:24 AM
What's a food stamp?
something U use when ur mailing stuff like fancy chocolates etc
Quote from: ATL Shawty on April 22, 2021, 10:32:50 AM
Quote from: L0NZ. on April 22, 2021, 10:19:24 AM
What's a food stamp?
something U use when ur mailing stuff like fancy chocolates etc
Ah. I always thought it was a Weight Watchers program
No
It's like a credit card for poor people
Brhfhfhhfhdhhdhdhjjjj
U think u know everything :disgusted:
(https://media1.tenor.com/images/e6be0792a68072dfe38a2f9e850b67c5/tenor.gif?itemid=9569011)
Quote from: ATL Shawty on April 22, 2021, 10:32:50 AM
Quote from: L0NZ. on April 22, 2021, 10:19:24 AM
What's a food stamp?
something U use when ur mailing stuff like fancy chocolates etc
:plzstop: :plzstop:
Quote from: Bentley. HARRIS! on April 22, 2021, 10:08:37 AM
SSSSSSSS
and you know fckn WHAT
take all these fake ass forex and nigger stock market gurus to jail with them
SICK of these broke phaggs tryna act like they know finances. Nigger you can't even manage a regular paycheck and you had the audacity to claim like you're a businessman
it's insulting to the ppl who have legitimately built minority owned business off the sweat off of our back
take these fckn Monkeys to jail
:plzstop: They're so serious with it. "FYI".
ghffghfghf I bet we wont be hearing from those FOREX monkeys for a while
Fuck the government but you gotta be severely delusional to think you can get over on them. :plzstop:
They will ALWAYS clock you. It may take months or years, but when they come - they come hard.
Someone in my city made an IG page exposing all the scammers who got PPP loans. It's always the ones who talk big shit.
"GOT IT OUT THE MUD!"
"NO HANDOUTS!"
"YALL BITCHES COULD NEVER!"
"I THOUGHT A BROKE BITCH SAID SUM"
:kii:
Quote from: bby ddy on April 22, 2021, 10:56:25 AM
Fuck the government but you gotta be severely delusional to think you can get over on them. :plzstop:
They will ALWAYS clock you. It may take months or years, but when they come - they come hard.
Someone in my city made an IG page exposing all the scammers who got PPP loans. It's always the ones who talk big shit.
"GOT IT OUT THE MUD!"
"NO HANDOUTS!"
"YALL BITCHES COULD NEVER!"
"I THOUGHT A BROKE BITCH SAID SUM"
:kii:
sssssssssssssssss
that's what getting me. Like .... yawl seriously thought they were just HANDING out 20k gifts :kii:
Uncle Sam doesn't forget shit. They're horrible
and yea all the recent IG posts of ppl taking trips. It makes perfect sense now.
Alot more ppl than we realized are about to be in cuffs or the poor house
why would you ruin your future over this :plzstop:
Quote from: bby ddy on April 22, 2021, 10:56:25 AM
Fuck the government but you gotta be severely delusional to think you can get over on them. :plzstop:
They will ALWAYS clock you. It may take months or years, but when they come - they come hard.
Someone in my city made an IG page exposing all the scammers who got PPP loans. It's always the ones who talk big shit.
"GOT IT OUT THE MUD!"
"NO HANDOUTS!"
"YALL BITCHES COULD NEVER!"
"I THOUGHT A BROKE BITCH SAID SUM"
:kii:
nnmtmfmmfmfmcmfmmfmf
Big ballas shot callas
Yessss 20 inch BLADES on the Impalaaaa
Vvvvvvbbbnbbbbbbb :trannyjblige:
https://www.instagram.com/tv/CN2YxLdjLTB1RLD1foGrxMpcBthsIqBjCcIx4k0/?igshid=1xp0umpsvu1l3
Tell em
Those niggers on clubhouse are shaking
dfngdflkfgsm'dkfglmdkdgd
IDK why these girls bother scamming like the government won't find out
and they're gonna make you pay
in jails
I know one of those guys who are super into that stocks mess
Always posting pics of himself wearing "billionaire" t-shirts , sharing his official website which is laden with grammatical errors
Just a very classist and super pretentious uppity vibe . Referring to himself as a "tycoon" And I know his tea so I just be looking at all of this mess like
(https://the-hollywood-gossip-res.cloudinary.com/iu/s--fAwZJua_--/c_scale,f_auto,h_414,q_auto,w_696/v1473195698/kanye-west-bored-gif)
Quote from: Nine Fushiguro. on April 22, 2021, 12:14:59 PM
dfngdflkfgsm'dkfglmdkdgd
IDK why these girls bother scamming like the government won't find out
and they're gonna make you pay
in jails
ssssssssssssssssssssssss
jail time is the LEAST they can serve for what they've caused
We've sat through months of non-stop flexing and flossing
from stock market nigs and bad boss bitches jetsetting around on discounted covid tickets
i'm sick of it
like nigga they JUST closed Zaxby's down the street and I'm to believe you navigated a thriving small business well enough to end up in PR, DR .... Tulum on a whim. girl gone
lock they asses up!
Quote from: ATL Shawty on April 22, 2021, 12:17:45 PM
I know one of those guys who are super into that stocks mess
Always posting pics of himself wearing "billionaire" t-shirts , sharing his official website which is laden with grammatical errors
Just a very classist and super pretentious uppity vibe . Referring to himself as a "tycoon" And I know his tea so I just be looking at all of this mess like
(https://the-hollywood-gossip-res.cloudinary.com/iu/s--fAwZJua_--/c_scale,f_auto,h_414,q_auto,w_696/v1473195698/kanye-west-bored-gif)
U jus described my man
Do we have a problem?
:udontlookok:
Quote from: Banana Powder🦋 on April 22, 2021, 10:17:44 AM
Ion know what ANY of this means
Is this like food stamps?
c
Quote from: Banana Powder🦋 on April 22, 2021, 12:47:01 PM
Quote from: ATL Shawty on April 22, 2021, 12:17:45 PM
I know one of those guys who are super into that stocks mess
Always posting pics of himself wearing "billionaire" t-shirts , sharing his official website which is laden with grammatical errors
Just a very classist and super pretentious uppity vibe . Referring to himself as a "tycoon" And I know his tea so I just be looking at all of this mess like
(https://the-hollywood-gossip-res.cloudinary.com/iu/s--fAwZJua_--/c_scale,f_auto,h_414,q_auto,w_696/v1473195698/kanye-west-bored-gif)
U jus described my man
Do we have a problem?
:udontlookok:
fnnfnfncncnncncnjjj
most of these people probably won't end up going to jail because these loans are less than 100k but Uncle Sam will be snatching your next income tax check
and if you don't file, they'll eventually start garnishing your wages
:udontlookok:
Do you work for the government
Do u
Quote from: yummy on April 22, 2021, 04:15:33 PM
Do u
bbbbhhbbhvnhhbbhhhvvbnhghbbhhbnhhh
Just clocked in
:trannyjblige:
https://www.instagram.com/p/CNviRJjDFJe/
Quote from: yummy on April 22, 2021, 05:46:33 PM
https://www.instagram.com/p/CNviRJjDFJe/
https://www.instagram.com/p/CNFnXZ3Hkt8/?igshid=1au0xf26g1imm
:jetbeauty: