St. Louis Woman Admits Aiding $291,000 Pandemic Fraud
Summary
A news release published February 23, 2024, reporting that Jeannine Buford pleaded guilty to wire fraud conspiracy and admitted submitting a fraudulent Paycheck Protection Program loan application with Porshia L. Thomas. The release says Buford and Thomas falsely claimed that Couture Trading Inc. was an operating business located in California, with 15 employees and an average monthly payroll of $120,000, and submitted fake company bank records. It states that the bank issued a $291,000 PPP loan, and that Thomas pleaded guilty to a bank fraud charge. The wire fraud charge carries a maximum penalty of 20 years in prison, a $250,000 fine, or both.
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“St. Louis Woman Admits Aiding $291,000 Pandemic Fraud.”
Original at www.justice.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-02-23-st-louis-woman-admits-aiding-291-000-pandemic-fraud-01217b5-37f87af9a3/
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ST. LOUIS – A woman from St. Louis, Missouri on Friday admitted conspiring to defraud a COVID-19 pandemic relief program. Jeannine Buford, 45, pleaded guilty to wire fraud conspiracy and admitted submitting a fraudulent loan application to the Paycheck Protection Program with Porshia L. Thomas. In April of 2020, Buford changed the name of an existing company to Couture Trading Inc. with the Montana Secretary of State’s Office. She listed herself as the company president and Thomas as the director, vice president, secretary and treasurer, the indictment says. On July 15, 2020, Thomas, with Buford’s help, completed and submitted a fraudulent PPP loan application for Couture Trading. Buford admitted that she and Thomas falsely claimed the company was an operating business located in California, had 15 employees and an average monthly payroll of $120,000. They claimed the loan would be used for salaries and business expenses and submitted fake company bank records. The bank issued a $291,000 PPP loan on Sept. 8, 2020. Thomas then wired $10,000 to Buford and wrote her a $65,000 check. Buford spent the money on personal expenses, including food, clothes, the $14,000 deposit on a 2017 BMW X6, a $5,000 couch and other furniture and $1,855 to rent a luxury apartment in downtown St. Louis. The wire fraud charge carries a maximum penalty of 20 years in prison, a $250,000 fine, or both. Thomas pleaded guilty to a bank fraud charge and is scheduled to be sentenced March 11. The case was investigated by the U.S. Postal Inspection Service. Assistant U.S. Attorney Derek J. Wiseman is prosecuting the case.
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