During the pandemic, six South Floridians allegedly conspired to fraudulently acquire over $34 million in loans from the SBA by falsifying business information, including employee counts and revenue. They face serious charges including conspiracy and money laundering, as their actions resulted in the SBA dispersing around $29 million in Paycheck Protection Program funds. The Justice Department has already pursued over 3,200 fraud charges related to pandemic loan programs, highlighting a significant rise in financial crime amid the crisis.
The indictment describes how six individuals allegedly obtained over $34 million in fraudulent loans by submitting falsified company information during the pandemic.
Federal prosecutors emphasize that over 3,200 individuals nationwide have faced charges related to pandemic-related loan fraud, exemplifying a widespread issue.
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