Home Madrid Economy Illegal loan of $ 590,000 will buy you a charger, 2 climbs, a Hummer, jail time

Illegal loan of $ 590,000 will buy you a charger, 2 climbs, a Hummer, jail time


There must be a special place in hell for people who take advantage of the misery of others, especially in the difficult times we are going through right now, but at least this man has merit in thinking about his family as well.

A 51-year-old Detroit man is under investigation for wire fraud, after applying for and getting a payroll protection loan, and using the money to buy expensive cars. As stated above, he was not entirely selfish: he bought a few cars for his own enjoyment, and two for his family members.

The Payroll Protection Program is a program that provides loans to small businesses affected by the ongoing health crisis, needing help paying staff and utilities. This man with a passion for quality cars claimed that a company he once owned that went out of business in July 2019, Motorcity Solar Energy Inc., was still operational and as such was in need of a additional cash flow to cover staff costs.

He applied for and got a loan of $ 590,900, and within two days he owned a new Dodge charger, a few Cadillac Escalade and one Hummer. Subtlety is not his forte, we can assume.

He kept two of the cars, gave another to his sister, and the fourth was a gift for his brother-in-law, US Attorney Matthew Schneider said. Special Agent in Charge Steven M. D’Antuono of the FBI helped investigate the case.

“Hitting banks for loans is never acceptable, and doing so during our current national emergency is unreasonable” Schneider said.

“The Paycheck Protection Program is designed as a lifeline for businesses struggling to survive the current crisis. Instead of using these loans to save a legitimate business, the defendant allegedly bought expensive personal items for himself and his family ”, SAC D’Antuono adds. “These actions have hurt hard-working Americans and deserving small businesses. “

The man has been charged with wire fraud, but the FBI investigation is still ongoing.


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