Former bank executives used their position to steal more than $140,00 from US Government programs.
Kaylee Ree Lunn, 37 of Holliday in Texas, has been charged with one count of fraud by wire for leading a fraudulent scheme to steal government money through Paycheck Protection Plan loans.
Documents in court show that Lunn used her position at Prosperity Bank’s Wichita Falls Branch as Vice President to gain access to the personal financial and business information of customers without their consent.
The prosecution claims that Lunn, using illegally acquired customer data, applied for PPP loans as well as commercial loans between 2020-2021 while falsely claiming the businesses belonged to Lunn’s husband.
Lunn acknowledged that she fabricated or inflated the firm’s income and payroll costs to increase her odds of approval. Lunn also transferred over $276,000 of loan proceeds into accounts that she controlled. Lunn was able to receive over $140,000 of fraudulent PPP loan proceeds.
In addition to his 48-month sentence in prison, Reed C. O’Connor, the Chief United States District Court Judge, ordered Lunn pay $573,444 restitution to the Small Business Administration, and more than $19,000 to Prosperity Bank (formerly First Capital Bank).
According to the Federal Reserve, the Texas-based Prosperity bank is the 55th largest US bank with assets of over 38.38 billion dollars.
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As new information becomes available, this post Bank Insider drains $140,000 from US Government using Illegally Obtained Customers Information could be updated.
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