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An avalanche of fraud
We’ve seen a flurry of fraud cases related to pandemic funds in the
last few years. In fact, our PRAC Fraud Task Force has conducted more than 123 investigations resulting in over 50 individuals charged for various
fraud schemes.
In our final Fraud Feature of the year, we plow through some notable PRAC Fraud Task Force figures, cases, and stats we've accumulated in our nearly four years of oversight.
Polar-izing figures
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1 fraudster pleaded guilty after fraudulently applying for 110 Paycheck Protection Program (PPP) loans in Louisiana.
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2 Ohio women were charged in a $2.8 million pandemic relief scheme where they allegedly falsely claimed affiliation with a pizza chain.
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6 individuals in Oklahoma were charged with allegedly creating fake businesses to fraudulently acquire nearly $1 million in PPP loans.
Freezing fraudsters in their tracks
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$350,000 was paid in a settlement by a business owner who fraudulently obtained seven PPP loans by inflating business income and payroll records with the help of a co-conspirator.
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6-year combined sentence for that same co-conspirator and his accomplice in a separate but connected case for their roles in a $7.6 million PPP and Economic Injury Disaster Loan (EIDL) case.
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34-year combined sentence for two fraudsters involved in a $10
million identity theft fraud scheme.
Cold hard stolen cash
- A California man allegedly used several aliases and set up four shell companies to illegally obtain PPP funds for nearly $3.2 million.
- A Missouri bank manager pleaded guilty for assisting and facilitating PPP applications for a business owner to the tune of $12.4 million.
- 14 individuals were charged in the largest PRAC Fraud Task Force case to date, allegedly amounting to $53 million in potential fraud.
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Icing out fraud
The PRAC's Pandemic Analytics Center of Excellence (PACE) has provided investigative support to more than 40 federal law enforcement and OIG partners on over 600 pandemic-related investigations with nearly 7,600 subjects and an estimated fraud loss of $1.77 billion.
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Disclaimer: An indictment is a formal accusation of a serious crime. However, all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
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