North Berwick Man Sentenced for Bank Fraud after Applying for PPP Loans for Travel Agency He No Longer Owned
Summary
A December 10, 2024 press release from the U.S. Attorney's Office for the District of Maine announcing that U.S. District Judge Nancy Torresen sentenced Frederick Avery, 50, of North Berwick to five months in prison and five years of supervised release, including five months of home detention, for bank fraud tied to PPP loan applications. Avery was ordered to pay $227,667 in restitution and had pleaded guilty on July 15, 2024. The release states that between April 2020 and September 2021 he submitted two PPP applications claiming 100% ownership of Superior Cruise and Travel LLC, which he had sold to a Pennsylvania company in November 2019. It says the loans totaled more than $215,000 and one application was supported by falsified bank statements from a non-existent account.
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“North Berwick Man Sentenced for Bank Fraud after Applying for PPP Loans for Travel Agency He No Longer Owned.”
Original at www.justice.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-12-10-north-berwick-man-sentenced-for-bank-fraud-after-applying-f-bacf67110b/
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PORTLAND, Maine: A North Berwick man was sentenced today in U.S. District Court in Portland for filing fraudulent applications for loans from the Paycheck Protection Program (PPP). U.S. District Judge Nancy Torresen sentenced Frederick Avery , 50, to five months in prison followed by five years of supervised release including five months of home detention. He was also ordered to pay $227,667 in restitution. Avery pleaded guilty on July 15, 2024. According to court records, between April 2020 and September 2021, Avery submitted two applications for PPP loans that claimed he was the 100% owner of Superior Cruise and Travel LLC. Avery had sold the agency to a limited liability company in Pennsylvania in November 2019. He claimed on the applications that the loans, which totaled more than $215,000, were for payroll, lease/mortgage interest, utilities, and other items. Avery submitted falsified bank statements from a non-existent account to support one of the applications. The FBI investigated the case. Paycheck Protection Program (PPP): The PPP was a COVID-19 pandemic relief program administered by the Small Business Administration (SBA) that provided forgivable loans to small businesses for job retention and certain other expenses. The PPP permitted participating third-party lenders to approve and disburse SBA-backed PPP loans to cover payroll, fixed debts, utilities, rent/mortgage, accounts payable and other bills incurred by qualifying businesses during, and resulting from, the COVID-19 pandemic. PPP loans were fully guaranteed by the SBA. ###
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