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Man gets COVID relief loans, spends on Tesla shares: feds

An Oregon man was sentenced to jail after he was accused of stealing thousands and thousands in COVID-19 reduction loans and spending it on Tesla shares and 25 properties, federal officers mentioned.

Andrew Aaron Lloyd, 51, of Lebanon, Oregon, was sentenced to 4 years in jail on wire fraud, bank fraud and money laundering fees on Jan. 6, the U.S. Legal professional’s Workplace within the District of Oregon mentioned in a information launch.

In a span of 60 days in 2020, Lloyd utilized for greater than a dozen COVID-19 pandemic reduction loans meant for struggling companies, courtroom paperwork present.

He obtained over $3.5 million after making use of to the Paycheck Safety Program and the Financial Harm Catastrophe Loans Program with bogus purposes, sentencing paperwork present.

The seized money and securities from Lloyd’s account now are value greater than $18 million, the information launch states.

Prosecutors mentioned within the sentencing paperwork that he used the cash to purchase 25 properties in Oregon and California, and he bought securities by way of his brokerage account.

He purchased greater than 15,000 shares in Tesla, which elevated “exponentially,” prosecutors mentioned.

On the purposes, he included totally different companies underneath the names of members of the family and enterprise associates, sentencing paperwork present. He additionally submitted IRS types with pretend wages, earnings and the names of 56 to 64 workers who didn’t exist inside these firms.

Along with 4 years in jail, Lloyd was ordered to pay greater than $4 million in restitution and serve 5 years of supervised launch.

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An confederate within the scheme was additionally charged. Russell Anthony Schort, 39, of Myrtle Creek, Oregon, pleaded responsible to financial institution fraud on Nov. 16, the information launch states.

Profile Image of Helena Wegner
Helena Wegner is a McClatchy Nationwide Actual-Time Reporter overlaying the state of Washington and the western area. She’s a journalism graduate from Arizona State College’s Walter Cronkite College of Journalism and Mass Communication. She’s based mostly in Phoenix.

 

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