On Wednesday, a court in Somerset County handed down a 46-month sentence to a man who illegally obtained loans totaling about $1.6 million in 2020 to combat the spread of the coronavirus.
U.S. Federal Judges handed down a conviction and sentence to 32-year-old Jordan C. Larkins. Based on rulings by U.S. District Judge Zahid N. Quraishi in Trenton, New Jersey, federal court. Mr. Sellinger, Philip R., is an attorney.
Earlier this year, in March, Larkins admitted to his role in a plot to mislead lenders and the United States. A grant from the U.S. Small Business Administration (SBA) totaled $1.64 million.
Between May and July 2020, the locals of Somerset applied for 13 loans total of 3 Paycheck Protection Program (PPP) loans and 11 Economic Injury Disaster (EIDL) loans. Federal authorities claim he did this by filing fraudulent tax returns, payroll records, and bank statements.
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After spending some of the money on “other personal costs,” Larkins sent the rest to an overseas bank. Statement from the New Jersey Attorney General’s Office.
Officials said he admitted guilt on three counts: wire fraud, bank fraud, and money laundering.
Besides restitution of $1.64 million and three years of supervised release, Judge Quraishi also imposed a restitution term of three years of supervised release on Larkins.
Larkins requested PPP loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which are designated for essential expenses such as salaries, mortgages, rent payments, and utility bills.
The SBA’s EIDL program allowed business owners, renters, and homeowners to get low-interest loans.
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