The CEO of a Massachusetts-based IT company was arrested after fraudulently applying for $13 million in Paycheck Protection Program loans, the DOJ said.
a Massachusetts IT CEO with wire fraud after he submitted fraudulent applications for $13 million in emergency coronavirus rescue funds for small businesses—the charges come amid a push for greater transparency into the federal government’s massive spending on relief programs.
The Justice Department also alleged that Buoi falsified the documents he submitted with his application. Buoi, who ultimately received $2 million in PPP loans, was arrested and has been charged with wire fraud; he is set to appear in court in Boston on Monday afternoon. The Justice Department said the government has seized approximately $1.98 million from Buoi’s company accounts.
The first PPP fraud charges—two men who sought more than half a million dollars in loans by claiming to have dozens of employees across four businesses, when in fact they hadLast week, after weeks of complaints from Democrats, watchdog groups, and media companies, the Small Business Administration announced that it would release the names of businesses that received PPP loans worth more than $150,000 and less than $10 million.
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