Grand Jury indicts two men accused of bank fraud involving Paycheck Protection Program
Summary
A federal grand jury in St. Louis indicted Chris Carroll and George Reed on three counts of bank fraud and six counts of money laundering tied to Square One Group's receipt of two fraudulent Paycheck Protection Program (PPP) loans, one of more than $1.2 million and one of more than $1.6 million. The indictment alleges that Reed and Carroll submitted the PPP applications in their spouses' names to conceal Carroll's status as a paroled felon, which would have precluded the company from receiving PPP funds. It further alleges the funds were used to start a trucking company and to fund $660,000 in payments to themselves, and that the company suspended employees' pay and health insurance coverage after applying for PPP funds. The release says the charges are merely accusations.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Grand Jury indicts two men accused of bank fraud involving Paycheck Protection Program.”
Original at www.justice.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-09-30-grand-jury-indicts-two-men-accused-of-bank-fraud-involving-f7aab2e31f/
, SHA-256 5730c7fd6133f7c6383ec6540fd1bab8732cc1ca0ec1a888d75971d077a8836c.Full text
ST. LOUIS – A federal grand jury indicted Chris Carroll and George Reed today with three counts of bank fraud and six counts of money laundering. The indictment charges Chris Carroll and George Reed with 3 counts of bank fraud and 6 counts of money laundering in connection with their company Square One Group’s receipt of two fraudulent Paycheck Protection Program (PPP) loans, one in the amount of more than $1.2 million, and the second loan in the amount of more than $1.6 million. The indictment alleges that Reed and Carroll submitted PPP loan applications in their spouses’ names, rather than their own names, to misrepresent and conceal Carroll’s status as a paroled felon, which would have precluded his company from receiving PPP funds. It is further alleged, that Carroll and Reed did not use the funds to compensate their employees, but instead, used the funds to start a trucking company and to fund $660,000 in payments to themselves. The indictment further alleges that the company suspended their employees’ pay and health insurance coverage after applying for PPP funds. “The Paycheck Protection Program (PPP) was created for the sole purpose of helping businesses keep workers employed during the COVID-19 crisis,” said Special Agent in Charge Richard Quinn of the FBI St. Louis Division. “With finite taxpayer dollars, those who commit fraud against the PPP are taking money from workers who depend on a stable paycheck.” Charges set forth in the indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty. The case was investigated by the Federal Bureau of Investigation.
File and source
- File
- 2021-09-30_grand-jury-indicts-two-men-accused-of-bank-fraud-involving-paycheck-prot_31092aa3.md.txt
- Size
- 1,702 bytes
- SHA-256
- 5730c7fd6133f7c6383ec6540fd1bab8732cc1ca0ec1a888d75971d077a8836c
- Our copy
- 2021-09-30_grand-jury-indicts-two-men-accused-of-bank-fraud-involving-paycheck-prot_31092aa3.md.txt
- Original
- www.justice.gov