Two woman face years in prison for orchestrating a scheme to commit bank fraud and launder money using the Coronavirus Aid, Relief and Economic Security Act of the US Government (CARES Act).
According to the Justice Department, Kisha Wright and Shamiese Sutton, both of Jersey City, West Virginia and Charleston, West Virginia have been found guilty for aiding in and abetting fraud against banks and money laundering.
Wright was cheated by the duo who conspired together to get a $15,625 Paycheck Protection Plan loan.
This loan was guaranteed by SBA under the CARES Act. The CARES Act is a law that provides financial assistance to sole proprietors and independent contractors who have been adversely affected by COVID-19.
Sutton filed the PPP loan request on behalf of Wright on April 19, 2021, claiming Wright was a self employed individual with a gross income of $75,000 for 2020.
The evidence at the trial revealed that Wright had not been self-employed and did not have a salary of $75,000 for any given year. He also received unemployment benefits from 2020. The IRS Form 1040 submitted by Wright with his loan application was also fraudulent, and was created solely for that purpose.
Wright deposited the fraudulent $15,625 loan proceeds into her bank account on May 7, 2021, after the PPP lender approved the application.
Sutton’s involvement in the scam was then repaid by her using a digital wallet. Wright allegedly staggered the payment of $3,000 and used false transfer descriptions in order to hide the source and nature of the money.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post New Jersey Women are behind $145 625 bank fraud and money laundering scheme targeting the US government: DOJ could be updated as new information becomes available.
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