Officials say upwards of $100 billion was stolen in fraud schemes via pandemic relief packages, pushing the government to make major changes to security of the PPP loan program.
"We issued three white papers making sure that folks knew the importance of setting up the proper internal control framework to ensure that, although we have these things moving quickly, that the control structure could stand the test of fraud," Small Business Administration Inspector General Hannibal "Mike" Ware told Fox News. "We knew that fraud was going to occur regardless.
"It was no secret that we were inheriting significant fraud in small business loans and unemployment that took place in 2020, particularly at the onset of the pandemic," Sperling told Fox News.Sperling said he’s worked closely with PRAC and the SBA to understand and implement fraud controls for existing and future emergency relief programs.
Tom Schatz, president of the Citizens Against Government Waste, has been raising the flag on government inefficiency and incompetency for decades. He is not surprised that the PPP loan program was ridden with fraud. The same failures in pandemic-relief verification have existed across government for years."The federal government, they're still using paper. They don't verify, they're in a rush to get it out, they're not trained sufficiently," Schatz told Fox News.
In another case, Andrew Marnell adopted fake identities to fraudulently obtain up to $8.5 million in PPP loans. He used the money to fund risky stock markets and live large in Las Vegas casinos and hotels. He has pleaded guilty and is scheduled to be sentenced in July. It’s alleged that he bilked the PPP Loan Program for $1.2 million and spent some of the money on luxury jewelry and stays in Florida casinos. He pleaded guilty to conspiracy to commit wire fraud and was sentenced to three years in prison.
INDIANA EX-CASINO MAGNATE PLEADS GUILTY TO TAX FRAUD INVOLVING CONTRIBUTIONS TO POLITICAL ACTION COMMITTEE
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