7 Charged With Stealing Millions In COVID Aid, Using It To Buy Lamborghini, Porsche
Seven people in two states have been charged with allegedly stealing millions of dollars in federal coronavirus relief funds, some of which was spent on a Porsche and Lamborghini sports car, authorities said Tuesday.
The suspects, located in Texas and Illinois, allegedly received $16 million after submitting at least 80 fraudulent applications through the Paycheck Protection Program (PPP) using fake bank records and federal tax forms, prosecutors said.
The PPP loans are taxpayer-subsidized loans that were given to small businesses to help pay employees’ salaries amid the pandemic.
Once the suspects received the money, they laundered a portion of it by writing checks to fake employees from the companies that received the loans, authorities say. The defendants’ relatives were among those who received more than 1,100 of …continued .
[Source: Huffington Post]