There must be a special place in hell for people who profit off other people’s misery, especially in trying times as we’re living in right now, but at least this man gets some credit for thinking of his family, too.
A 51-year-old Detroit man is being investigated for wire fraud, after filing for and obtaining a loan from the Payroll Protection Program, and using the money to buy expensive cars. As noted above, he wasn’t entirely selfish: he bought a couple of cars for his own pleasure, and a couple for family members.
The Payroll Protection Program is a program that offers loans to small businesses affected by the ongoing health crisis, in need of assistance in paying staff and utilities. This man with a clear love of quality cars claimed a business he once owned that went out of operation in July 2019, Motorcity Solar Energy Inc., was still functional and, as such, in need of an extra cash flow to cover staff expenses.
He asked for and obtained a $590,900 loan and, within two days, he was the owner of a new Dodge Charger, a couple of Cadillac Escalades and a Hummer. Subtlety is not his strong suit, that much can be assumed.
He kept two of the cars, gifted another to his sister and the fourth was a present for his brother-in-law, the United States Attorney Matthew Schneider says. Special Agent in Charge Steven M. D’Antuono from the FBI helped investigate the case.
“Defrauding banks to obtain loans is never acceptable, and doing so during our current national emergency is unconscionable,” Schneider says.
“The Paycheck Protection Program is designed as a lifeline to businesses struggling to survive this current crisis. Instead of using these loans to salvage a legitimate business, the defendant allegedly bought expensive personal items for himself and his family,” SAC D’Antuono adds. “These actions harmed hard-working Americans and deserving small businesses.”
The man has been charged with wire fraud, but the FBI investigation is still underway.
The Payroll Protection Program is a program that offers loans to small businesses affected by the ongoing health crisis, in need of assistance in paying staff and utilities. This man with a clear love of quality cars claimed a business he once owned that went out of operation in July 2019, Motorcity Solar Energy Inc., was still functional and, as such, in need of an extra cash flow to cover staff expenses.
He asked for and obtained a $590,900 loan and, within two days, he was the owner of a new Dodge Charger, a couple of Cadillac Escalades and a Hummer. Subtlety is not his strong suit, that much can be assumed.
He kept two of the cars, gifted another to his sister and the fourth was a present for his brother-in-law, the United States Attorney Matthew Schneider says. Special Agent in Charge Steven M. D’Antuono from the FBI helped investigate the case.
“Defrauding banks to obtain loans is never acceptable, and doing so during our current national emergency is unconscionable,” Schneider says.
“The Paycheck Protection Program is designed as a lifeline to businesses struggling to survive this current crisis. Instead of using these loans to salvage a legitimate business, the defendant allegedly bought expensive personal items for himself and his family,” SAC D’Antuono adds. “These actions harmed hard-working Americans and deserving small businesses.”
The man has been charged with wire fraud, but the FBI investigation is still underway.