Fri. Jan 21st, 2022

Image courtesy of the man who bought Tesla stock with the Covid Relief Fund, sentenced to 4 years in prison.

Pictures: Justin Sullivan (Getty Images)

A man from Oregon is being sent to prison for four years after closing a pretty wide-ranging scandal called Stunks. Judiciary Announcement Friday that pushed 51-year-old Andrew Lloyd from multiple to over $ 3.4 million Federal COVID-19 Relief Program, And then using that cash to buy 15,740 shares of Tesla stock last year.

According to the DOJ’s announcement, Lloyd has successfully scammed multiple loan programs from a federal branch of the Small Business Administration (SBA). Above ট্র 6 trillion To mother-And-pop shops that were financially damaged during the epidemic. Coincidentally, on the day the DOJ announced this, the SBA’s inspector general found that the agency had provided an estimated $ 3.6 billion in aid to parties that did not qualify for the fund.

Lloyd was obviously one of those people who didn’t qualify, but the DOJ explained how he was able to make money anyway. Beginning in April 2020, he began submitting loan applications to the agency using “numerous business names and the personal identification information of relatives and business associates without their consent”.

“Lloyd has submitted false documentation to justify the amount of loan requested, including the 2019 Wage Listed IRS Forms provided by Lloyd’s regulated companies,” the announcement said. “Loan application packages include some of the same information across different business entities, including the actual location of the business and the names of dozens of employees. The IRS form, the total wages and the amount of earnings, the name of the employee and the wages paid to each employee are all fabricated and fabricated by Lloyd. “

Don’t get caught up in that fad For more than a year Although this guy has used fake details more than once throughout multiple loan applications, uh, can’t paint the agency in the best light. When he was caught, the announcement went away, Lloyd probably paid about $ 114 per Tesla share. Today, that price More than $ 1,000. He is thought to have used the funds to buy more than 25 properties across Oregon and California and to fund other securities.

The DOJ says Lloyd’s brokerage account was confiscated As of early last year, it had secured more than 60 660,000 in securities and cash. Today, those funds, added to thousands of Tesla stocks, have put an end to Lloyd’s complete illnessEarn a healthy $ 18 million tten, at least.

Of course, most of that funding will not be Following him to jail. He pleaded guilty to bank fraud and money laundering. And more severe identity theft this month, which led to him being sentenced to four years in prison with another five years in custody. Lloyd was ordered to pay more than $ 4 million in damages, confiscate 25 properties and more than 15,000 Tesla shares.

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