One woman being prosecuted in Atlanta for defrauding the Paycheck Protection Program is a Walmart bakery worker. Authorities say she helped a cousin apply for pandemic bailout loans in a multi-state scheme involving phony businesses.
Another defendant runs a trucking company and, according to his indictment, hired a financial adviser who helped him and at least four other business owners obtain $300,000 in pandemic loans using falsified documents and inflated employee numbers.
Also accused is a Roswell limousine service proprietor said to have masterminded an $11.1 million scheme involving 21 other defendants and 14 companies, none of which had any actual employees. He allegedly used loan proceeds to treat himself to a Mercedes-Benz, an Acura NSX sports car, a Range Rover and a gold Rolex.
In all three cases, court records show, borrowers relied on New Jersey-based Cross River Bank to approve many of their bogus applications. Cross River, along with financial technology firms that automate lending, processed hundreds of thousands of forgivable business relief loans.
One woman being prosecuted in Atlanta for defrauding the Paycheck Protection Program is a Walmart bakery worker. Authorities say she helped a cousin apply for pandemic bailout loans in a multi-state scheme involving phony businesses.
Another defendant runs a trucking company and, according to his indictment, hired a financial adviser who helped him and at least four other business owners obtain $300,000 in pandemic loans using falsified documents and inflated employee numbers.
Also accused is a Roswell limousine service proprietor said to have masterminded an $11.1 million scheme involving 21 other defendants and 14 companies, none of which had any actual employees. He allegedly used loan proceeds to treat himself to a Mercedes-Benz, an Acura NSX sports car, a Range Rover and a gold Rolex.
In all three cases, court records show, borrowers relied on New Jersey-based Cross River Bank to approve many of their bogus applications. Cross River, along with financial technology firms that automate lending, processed hundreds of thousands of forgivable business relief loans.
