In line with official sources, the businessman took a visit to Las Vegas with a $ 350,000 PPP mortgage
NORFOLK, VA. – A Virginia man who was reported to have used a fraudulently obtained paycheck protection program loan of $ 350,000 for personal expenses, including a trip to Las Vegas, pleaded guilty to bank fraud.
Scott Suber, 39, stood before a federal district court in Norfolk on Wednesday, the U.S. Attorney’s Office for the Eastern District of Virginia said in a press release.
Congress approved the Paycheck Protection Program known as PPP in March to provide emergency financial aid to those suffering from the economic ramifications of the coronavirus pandemic. The program provided unsuccessful loans to small businesses for job retention and other expenses.
Court documents said Suber’s application for the loan fabricated the number of employees at his Virginia Beach-based company, Debris or Not Debris Property Preservation, and the amount of his wages. The application also contained bank statements with changed data.
After receiving the money, authorities said Suber made large cash withdrawals, made the trip to Las Vegas, and made other non-business payments to individuals.
“He put his trust in the wrong people,” the Virginian pilot quoted defense attorney Scott Hallauer as saying. “And now he’s taking responsibility for that.”
Suber could sit up to 30 years in prison if convicted next year.