DOJ Announces Additional Indictments for Defrauding the Paycheck Protection Program
The Department of Justice (DOJ) has announced two additional indictments against individuals who defrauded the Paycheck Protection Program (PPP). In the first case, DOJ charged Maurice Fayne, a reality TV star, with bank fraud after he received a PPP loan totaling $2.04 million and used more than $1.5 million from the loan to purchase jewelry, including a Rolex Presidential Watch, a diamond bracelet, a 5.73 carat diamond ring, and to pay $40,000 for child support.
In a separate case, DOJ alleged that a Beaumont, TX, engineer sought about $13 million in loans for a company that he claimed employed 250 people when, in fact, no employees worked for the business. This individual was charged with wire fraud, bank fraud, false statements to a financial institution, and false statements to the Small Business Administration.
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