Jacksonville Man Pleads Guilty To Wire Fraud Involving A Paycheck Protection Program Loan
Summary
U.S. Attorney Gregory W. Kehoe announced that Larry E. Denson, Jr., 31, of Jacksonville, pleaded guilty to wire fraud involving the Paycheck Protection Program. According to the plea agreement, in April 2021 Denson submitted a PPP loan application falsely claiming a janitorial services business with a gross income of $87,312, made false statements about payroll and operating expenses, and submitted a fraudulent IRS form. The release says Denson received an $18,190 PPP loan, spent the funds on personal expenses including meals at restaurants, retail purchases and cash withdrawals, and in July 2022 filed a forgiveness application falsely stating the money went to payroll; the SBA forgave the entire loan. Denson faces a maximum of 30 years in federal prison, has agreed to forfeit $18,190, and no sentencing date has been set.
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Full text
Jacksonville, Florida – United States Attorney Gregory W. Kehoe announces that Larry E. Denson, Jr. (31, Jacksonville) has pleaded guilty to wire fraud involving COVID relief fraud through the Paycheck Protection Program (PPP). Denson faces a maximum penalty of 30 years in federal prison and payment of restitution to the United State government. Denson has also agreed to forfeit $18,190, the proceeds of the charged criminal offense. A sentencing date has not yet been set. According to the plea agreement, in April 2021, Denson submitted a PPP loan application to a lender authorized by the Small Business Administration (SBA) to lend funds for approved PPP loan applications. The PPP loan application falsely claimed that Denson operated his own janitorial services business with a gross income of $87,312. Throughout the loan application, Denson made false statements regarding his purported payroll and operating expenses. In support of his PPP loan application, Denson submitted a fraudulent IRS form that contained false statements about expenses and income for his purported business. Upon reliance of the false statements in his PPP loan application and supporting documentation, Denson received a PPP loan for $18,190. After receiving the PPP loan proceeds into his bank account, Denson began making withdrawals and spending the funds on personal expenses, including meals at restaurants, retail purchases, and cash withdrawals. In July 2022, Denson filed a PPP Loan Forgiveness Application, falsely stating that he had spent the $18,190 on payroll. Relying on his false statements, the SBA forgave the entire loan amount. This case was investigated by Federal Housing Finance Agency – Office of Inspector General and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney David B. Mesrobian. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.
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