STARKVILLE, Overlook. (AP) — A Mississippi person pleaded responsible Monday to a federal wire fraud cost for misusing extra than $6 million in small business loans as a result of a pandemic reduction method, prosecutors mentioned.
Instead than use the cash for his companies, Christopher Paul Lick admitted utilizing it for particular investments in the stock industry and obtaining a dwelling valued at additional than $1 million, in accordance to a information launch from Clay Joyner, the U.S. lawyer for northern Mississippi.
Lick, 47, of Starkville, filed fraudulent financial loan programs to banks that had been offering loans as portion of the Paycheck Defense Method, according to court information.
The information exhibit Lick owned and managed 4 businesses, including Aspen River Candle Co., primarily based in Columbus, Mississippi. Joyner explained Lick admitted overstating the number of workforce and payroll charges to receive funds.
Paycheck Safety Plan loans were being assured by the Smaller Company Administration less than the federal Coronavirus Aid, Reduction and Financial Stability Act.
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“The CARES Act financial loan packages had been intended to support compact enterprises and family members battling to survive all through a difficult pandemic,” Joyner stated. “Unfortunately, significantly much too lots of persons like the defendant abused these systems for their possess particular benefit.”
Lick entered the responsible plea on the day he experienced as soon as been scheduled to go on demo. He faces up to 30 decades in jail, with sentencing set for Aug. 12 in advance of Senior U.S. District Choose Glen Davidson.
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