North Carolina man accused of fraudulently obtaining $1.5M in PPP loans

A federal grand jury indicted a North Carolina man Thursday accused of fraudulently obtaining $1.5 million in Paycheck Protection Program (PPP) loans. 

In a Department of Justice press release William T. Stetzer, acting U.S. attorney for the Western District of North Carolina stated that Maurice Kamgaing had allegedly collected the sum in COVID-relief funds by submitting fraudulent PPP loan applications on behalf of two businesses. 

In April 2020 Kamgaing allegedly filed a fraudulent loan application for Apiagne, Inc., for $856,463 and another for AKC Solutions for $650,000.

He allegedly used the amount disbursed for improper purposes and personal expenses, according to the statement.

Kamgaing, 41, is charged with wire fraud in relation to a disaster benefit, two counts of making false statements to a bank and two counts of engaging in monetary transactions in criminally derived property. 

If convicted, the DOJ says that Kamgaing faces decades in prison. 

The PPP was established last year amid the pandemic to allow small businesses to apply for loans to keep their workers on the payroll. 

The CARES Act, signed in late March of last year by former allotted over $300 billion in forgivable loans to small businesses. In December of 2020, Congress authorized another $284 billion in funding for the program. 

In February of this year, a Florida man pleaded guilty to charges in connection with obtaining $4 million in PPP loans, some of which were used on his Lamborghini sports car.

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