Oklahoma City Man Who Ran Nonprofit Indicted for Two Counts of Bank Fraud
Summary
A U.S. Attorney's Office, Northern District of Oklahoma press release of Thursday, September 25, 2025 reports an unsealed indictment of Victor Kensington Colbert, Jr., 60, who owned and operated the nonprofit Oklahoma Heartland Heroes Foundation in Bixby; the headline names two counts of bank fraud. The indictment alleges that Colbert submitted at least five applications for CARES Act funds on behalf of Heartland Heroes and obtained at least two PPP loans and one Economic Injury Disaster Loan advance totaling approximately $217,000. It alleges that Colbert submitted false documentation showing several employees with monthly payroll expenses exceeding $55,000. The Office of the Inspector General for the Federal Reserve System is investigating, and the release notes that an indictment is merely an allegation.
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Press Release Oklahoma City Man Who Ran Nonprofit Indicted for Two Counts of Bank Fraud Thursday, September 25, 2025 For Immediate Release U.S. Attorney's Office, Northern District of Oklahoma TULSA, Okla. – An unsealed indictment shows that Victor Kensington Colbert, Jr., 60, owned and operated the nonprofit, Oklahoma Heartland Heroes Foundation (Heartland Heroes), in Bixby. The indictment alleges that Colbert submitted at least five applications on behalf of Heartland Heroes seeking CARES Act funds. The CARES Act was signed into law in March 2020 and included the Paycheck Protection Program (PPP). These programs were established to support small businesses during the coronavirus pandemic. Of those applications, Colbert successfully obtained at least two PPP loans and one Economic Injury Disaster Loan advance, on behalf of Heartland Heroes, totaling approximately $217,000. Colbert allegedly submitted false documentation showing that he has several employees with monthly payroll expenses exceeding $55,000. He further claimed that any funds he received would be used to retain workers and maintain payroll, pay mortgage interest or lease payments, utility payments, and other covered expenses. The Office of the Inspector General for the Federal Reserve System is investigating the case. Assistant U.S. Attorney Thomas Buscemi is prosecuting the case. An indictment is merely an allegation. The defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. The Fraud Section leads the Criminal Division's prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud . Contact Public Affairs 918-382-2721 Updated September 25, 2025 Topic Financial Fraud Components Office of the Inspector General USAO - Oklahoma, Northern Related Content Press Release Indian Citizen in the United States on Student Visa Found Guilty of Conspiring with Others to Defraud a Vietnam Veteran A federal jury today convicted a citizen of India in the United States on a student visa for conspiring with others to knowingly defraud a 79-year-old Vietnam Veteran in Delaware... April 15, 2026 Press Release New Jersey Company Agrees to Repay $3.25 Million in CARES Act Funding A civil settlement was unsealed showing that a New Jersey company agreed to pay back $3.25 million after receiving too much funding from the CARES Act Paycheck Protection Program, announced... April 14, 2026 Press Release Former Office Manager Sentenced for Bank Fraud A former office manager was sentenced today for Bank Fraud and stealing more than $700k from her employers, announced U.S. Attorney Clint Johnson. March 25, 2026
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