4.3 C
New York
Sunday, June 26, 2022
HomeNewsMan Gets More Than 3 Years In Prison For $13M COVID-19 Fraud

Man Gets More Than 3 Years In Prison For $13M COVID-19 Fraud

A Massachusetts businessman convicted of fraudulently seeking more than $13 million in federal coronavirus pandemic relief loans has been sentenced to more than three years in prison.

Elijah Majak Buoi, 40, of Winchester, was also sentenced to three years of supervised release and ordered to pay restitution of $2 million and forfeiture of $2 million by a Boston federal court judge Thursday.

Buoi was convicted by a jury of four counts of wire fraud and one count of making a false statement to a financial institution in February.

Prosecutors said Buoi submitted six loan applications through the Paycheck Protection Program but misrepresented the number of employees and payroll expenses for his startup company, Sosuda Tech.

He also submitted fraudulent IRS tax forms to support his applications and was able to obtain a $2 million loan before he was arrested in June 2020.

Advertisements

Buoi’s lawyer didn’t respond to an email seeking comment Friday but said after the February trial that his client had been “mislead” by a bank loan officer and made a “good faith mistake” in completing the tax forms.

The loan program was part of the Coronavirus Aid, Relief and Economic Security, or CARES, Act that allowed qualifying small businesses and other organizations to receive forgivable loans to cover payroll, mortgages, rent and utilities.

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari