A former IRS revenue officer who also worked as a tax enforcement officer for the city of Oakland charged in $3M fraudulent PPP-loan cheme, federal prosecutors said.
Prosecutors accused the two men of recruiting longtime acquaintances and now co-defendants Marcus Wilborn, Aaron Boren, and Scott Conway as part of the alleged loan scam. The Mosleys helped prepare fraudulent loan applications for the men and received kickbacks in return, according to court documents.
Court documents said that in their PPP loan applications, the four companies purported to have between 19 and 49 employees and at least $150K in monthly payroll, "but in reality all four companies were little more than shell companies, with no payroll expenses." Under the U.S. Small Business Association’s PPP program, businesses can use loan money for specified items, such as payroll or employee benefits, but loan recipients were not permitted to use the funds for day-to-day living or other expenses for personal needs.
Prosecutors also noted that under Frank Mosley’s former position in the IRS as a revenue officer, the job commonly resulted in encountering schemes by taxpayers, including hiding assets and bank accounts by using shell corporations.
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