Man pleads guilty to wire fraud in fraudulent PPP loan scheme
LAWTON, Okla. (KSWO) - A Broken Arrow man has pleaded guilty to federal charges, after his application for a Paycheck Protection Program Loan turned out to be alleged fraud.
U.S. Attorney Clint Johnson says Malcom Andre Jones, 31, illegally received $20,665 from the Small Business Administration in March 2021. Jones pleaded guilty to wire fraud in federal court on Tuesday. Johnson says Jones falsely applied for a PPP loan, claiming he operated a landscaping business. Johnson says Jones claimed the loan funds would go towards the business, but instead used the money was used to pay bills and buy items, like a couch and a new car. He was then granted loan forgiveness.
The investigation was conducted by the Board of Governors of the Federal Reserve System, Bureau of Consumer Financial Protection Office of Inspector General, and the Small Business Administration Office of Inspector General.
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