The Department of Justice (DOJ) has announced two additional indictments against individuals who defrauded the Paycheck Protection Program (PPP). In the first case, DOJ charged Maurice Fayne, a reality TV star, with bank fraud after he received a PPP loan totaling $2.04 million and used more than $1.5 million from the loan to purchase jewelry, including a Rolex Presidential Watch, a diamond bracelet, a 5.73 carat diamond ring, and to pay $40,000 for child support.
In a separate case, DOJ alleged that a Beaumont, TX, engineer sought about $13 million in loans for a company that he claimed employed 250 people when, in fact, no employees worked for the business. This individual was charged with wire fraud, bank fraud, false statements to a financial institution, and false statements to the Small Business Administration.