BOSTON (AP) — A former Massachusetts resident has been charged by prosecutors with fraudulently acquiring $2.5 million in federal relief cash supposed for enterprises battling for the duration of the coronavirus pandemic and utilizing the revenue to buy cars and trucks and spend in cryptocurrency.
Vinicius Santana, 34, who made use of to stay in Saugus and now lives in Boca Raton, Florida, was arrested before this week in Florida and will appear in federal in court in Massachusetts at a potential day to facial area a demand of wire fraud, according to a assertion Wednesday from the U.S. attorney’s place of work in Boston.
No protection attorney was stated in court documents.
Santana submitted 4 distinct Paycheck Safety Software personal loan apps on behalf of his painting enterprise in April 2020, prosecutors claimed.
3, in which he explained he had just a handful of employees and an common monthly payroll of no a lot more additional than $18,000, were being denied. In the fourth, Santana said he had 154 personnel and an typical regular monthly payroll of $1 million. All those figures were bogus, prosecutors mentioned, but nevertheless, the software was authorised and he received a $2.5 million bank loan.
Santana applied the revenue to obtain a residence, shell out off auto loans and invest in vehicles, and to spend in cryptocurrency, prosecutors stated.
The Paycheck Security Program presented forgivable financial loans to compact companies having difficulties through the pandemic to be made use of for career retention and certain other accepted bills.
If convicted, Santana faces up to 20 decades in jail.
Copyright 2022 The Associated Press. All legal rights reserved. This substance may well not be published, broadcast, rewritten or redistributed.
Business News Channels
Small Business Administration Sba
Staples Business Dept