Small Business Administration Employee Sentenced in Covid Relief Fraud
Summary
A press release of the U.S. Attorney's Office for the Northern District of Mississippi dated Thursday, May 25, 2023, announcing that Lakeith M. Faulkner, 31, of Holly Springs, an employee of the Small Business Administration, was sentenced by Chief U.S. District Judge Debra M. Brown on May 24, 2023 to 62 months in prison followed by 5 years of supervised release. According to the release, he used his position to help borrowers submit over $11 million worth of fraudulent Economic Injury Disaster Loan applications, and the borrowers paid him and co-defendant Norman Beckwood $2.3 million. It states that he pleaded guilty on December 7, 2022 to one count of conspiracy to commit wire fraud.
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Full text
Press Release Small Business Administration Employee Sentenced in Covid Relief Fraud Thursday, May 25, 2023 For Immediate Release U.S. Attorney's Office, Northern District of Mississippi OXFORD – A Marshall County man and employee of the Small Business Administration (“SBA”) was sentenced yesterday to 62 months in prison for his role in a scheme to defraud the SBA of more than $11 million. According to court documents, Lakeith M. Faulkner, 31, of Holly Springs, was an employee of the SBA and used his position to assist borrowers in submitting over $11 Million worth of fraudulent loan applications for Economic Injury Disaster Loans (“EIDL”), which were intended to help small businesses recover from the economic impacts of the COVID-19 pandemic. In return for his assistance in submitting the fraudulent loan applications, those borrowers paid Faulkner and his co-defendant, Norman Beckwood, $2.3 Million. On December 7, 2022, Faulkner entered a plea of guilty to one count of conspiracy to commit wire fraud. On May 24, 2023, Chief U.S. District Judge Debra M. Brown sentenced Faulkner to serve 62 months in prison followed by 5 years of supervised release. In addition to prison time, Faulkner was ordered to pay $10,620,452.26 in restitution to the SBA. On January 17, 2023, Norman Beckwood, Faulkner’s co-defendant, entered a plea of guilty to one count of conspiracy to commit wire fraud. Beckwood is scheduled to be sentenced on August 15, 2023. Assistant U.S. Attorney Clayton A. Dabbs and Parker King of the Northern District of Mississippi are prosecuting the case. The case is being investigated by the Federal Bureau of Investigation, the U.S. Small Business Administration Office of Inspector General, and the U.S. Treasury Inspector General for Tax Administration. Updated May 26, 2023 Components Federal Bureau of Investigation (FBI) USAO - Mississippi, Northern Related Content Press Release Podiatrist Sentenced in Foot Bath Fraud Scheme OXFORD – A Panola County man was sentenced today to two years in prison following his conviction for his role in a scheme to defraud Medicare and TRICARE by prescribing... May 15, 2023 Press Release Amory Man Sentenced to Prison for Drug Distribution Scheme Oxford, MS – An Amory man was sentenced today to 18 years in prison for possession with intent to distribute methamphetamine. May 15, 2023 Press Release United States Attorney’s Office for the Northern District of Mississippi Commemorates National Crime Victims’ Rights Week April 23-29, 2023 Oxford, Miss. – The United States Attorney’s Office for the Northern District of Mississippi is commemorating National Crime Victim’s Rights Week (NCVRW) from April 23-29, 2023. In commemoration of this... April 26, 2023
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