Search

The owner of Theophin Consulting LLC has pleaded guilty to wire fraud for fraudulently obtaining Covid-19 relief loan proceeds under the Paycheck Protection Program (“PPP”) program.

WILLIAM FREDERICK REED allegedly fraudulently obtained Covid-relief loans and then concealed the proceeds in his bankruptcy case.

This report presents the results of our management advisory bringing the Small Business Administration’s (SBA) attention to concerns regarding forgiven Paycheck Protection Program (PPP) loans subsequently flagged as potentially ineligible using hold code 70 (potential clawback) for which the agency has not completed its review to facilitate recovery of improper payments for ineligible loans. A hold code is an identifier placed on a loan in the agency’s system indicating a potential issue needs to be resolved. SBA uses hold code 70 to flag forgiven PPP loans for which it subsequently suspects...

SAN DIEGO – Restaurateur Leronce Suel was sentenced in federal court today to 42 months in prison for submitting more than $1.7 million in fraudulent applications for COVID relief programs and failing to report the income to the IRS.

Fort Myers, Florida – U.S. District Judge Thomas J. Barber has sentenced Timothy Craig Jolloff (48, Fort Myers) and Lisa Ann Jolloff (58, Fort Myers) to eight years and one month, and three years, respectively, in federal prison for wire fraud, bank fraud and illegal monetary transactions. The Court also ordered the Jolloffs to pay $3.4 million in restitution to the Small Business Administration (SBA) and to forfeit $3.4 million which was the proceeds of the offense. The Jolloffs entered guilty pleas on April 24, 2024.

Jacksonville, Florida – United States Attorney Gregory W. Kehoe announces that Larry E. Denson, Jr. (31, Jacksonville) has pleaded guilty to wire fraud involving COVID relief fraud through the Paycheck Protection Program (PPP). Denson faces a maximum penalty of 30 years in federal prison and payment of restitution to the United State government. Denson has also agreed to forfeit $18,190, the proceeds of the charged criminal offense. A sentencing date has not yet been set.

SAN JUAN, Puerto Rico – W. Stephen Muldrow, U.S. Attorney for the District of Puerto Rico, announced the indictment of two businessmen, a certified public accountant, and four Puerto Rico-based companies for a fraudulent scheme to illegally obtain federal recovery funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, bribe a bank employee, and launder the fraudulent proceeds of the scheme.

Orlando, FL – Acting United States Attorney Sara C. Sweeney announces that Joshua Robinson (32, Texas) has pleaded guilty to wire fraud. Robinson faces a maximum penalty of 20 years in federal prison. A sentencing date has not yet been set.