Feds Charge Atlanta Man for Allegedly Applying for Over $3,390,000 in Fraudulent Small Business Loans During COVID

US authorities arrested an Atlanta man this week on costs associated to his alleged connection to a COVID-19 reduction mortgage software fraud ring.

The Division of Justice (DOJ) alleges that Ian Patrick Jackson, 37, conspired with one other Atlanta man to recruit a minimum of 9 enterprise homeowners to submit fraudulent Paycheck Safety Program (PPP) mortgage purposes utilizing pretend tax paperwork.

Jackson allegedly advised the enterprise homeowners to falsely declare they every employed 16 people and paid month-to-month wages of $120,000. The DOJ says the homeowners then wrote falsified payroll checks to individuals who didn’t work for them after which both saved the cash for themselves or paid Jackson through his co-conspirator.

Jackson is allegedly linked to fifteen fraudulent COVID-19 reduction mortgage purposes that inked $3.39 million in proceeds. He’s the twelfth individual to be charged in reference to an Atlanta-based PPP fraud ring, with the 11 earlier defendants having already pled responsible or been convicted at trial. The DOJ says authorities have recovered practically $1.2 million of the defrauded funds.

Jackson additionally allegedly utilized for a separate $237,500 PPP mortgage utilizing fabricated tax types and used a cast driver’s license and false income statements to fraudulently apply for roughly $100,000 in PPP and Financial Harm Catastrophe Mortgage (EIDL) program loans. The DOJ additionally says he fraudulently secured one other $240,035 PPP mortgage and $125,000 in EIDL program loans and grants on behalf of one other firm.

Jackson has been charged with conspiracy to commit financial institution fraud, two counts of financial institution fraud, two counts of wire fraud and two counts of cash laundering. The costs may lead to a long time in jail.

Comply with us on X, Facebook and Telegram

Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox

Verify Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Day by day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses chances are you’ll incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in affiliate internet marketing.

Generated Picture: Midjourney