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Maryland Chapter 21 of Association of Certified Fraud Examiners

Baltimore Man Sentenced To Seven Years In Connection With A Scheme To Fraudulently Obtain Almost $18 Million In Fraudulent Covid-19 Loans

25 Jun 2024 11:28 PM | Anonymous

Defendant Used Taxpayer Funds to Travel Internationally, Stay at Luxury Resorts, including the Four Seasons Hotel, Purchase Property and Open a Beachfront Restaurant in Egypt.

According to the plea agreement and other court documents, from April 2020 through January 2022, he and his co-conspirators prepared false and fraudulent PPP loan and EIDL applications for a number of borrowers in exchange for a kickback, typically ranging from 20 percent to 30 percent of the loan amount.  The fraudulent PPP and EIDL loan applications prepared by Sary, and his co-conspirators grossly inflated the purported businesses’ number of employees, monthly payroll costs, and revenue numbers, including for businesses that didn’t exist in any legitimate capacity. Source: US Attorney, District of Maryland

Maryland Chapter 21 of Association of Certified Fraud Examiners

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