. Press "Enter" to skip to content

Michigan pizza chain owner sentenced to prison for fraud over PPP loans

MACOMB TOWNSHIP, MI — The co-founder of Michigan pizza chain Passport Pizza has been sentenced to 32 months in jail after he pleaded guilty last year to financial institution fraud. In keeping with the Related Press, Mike Bischoff, 61, was accused by prosecutors of making an attempt to safe greater than $900,000 in federal loans supplied final yr as a part of the response to COVID-19 pandemic (PPP loans).

Bischoff supplied false data concerning his payroll prices and the variety of workers he had at his varied eating places as a part of the scheme. Bischoff acquired roughly $594,000 in loans from lenders as a part of his scheme, nevertheless his lawyer, James Thomas says that cash has already been paid again.

As a part of his sentence, Bischoff should additionally serve three years of supervised launch and pay a $5,000 wonderful.

Thomas acknowledged that his shopper “cheated” throughout what he known as a hectic interval of his life and mentioned the fallout from the case will hurt Bischoff’s potential to draw future buyers. Federal prosecutors sought a jail sentence of 41 months in line with courtroom filings.

“A defendant prepared to reap the benefits of a program designed and supposed to assist hold our financial system afloat throughout a pandemic is richly deserving of a severe punishment,” prosecutors mentioned within the submitting.

Passport Pizza operates a number of places all through Macomb, Oakland and St. Clair counties, in line with the corporate web site.

 

Source link

 118 total views,  1 views today

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *