Superseding Indictment, United States v. Eric Upchurch (W.D. Wis., April 3, 2024)

Summary

A superseding indictment filed April 3, 2024 as Document 22 in United States v. Eric Upchurch, Case 3:23-cr-00069-wmc, in the U.S. District Court for the Western District of Wisconsin, citing 18 U.S.C. § 1343, 18 U.S.C. § 1957(a) and 18 U.S.C. § 1001(a)(3). The grand jury charges that from about April 2020 to about April 2021 the defendant submitted PPP loan applications for entities including Opportunity, Inc., the Madison Alliance for Black Economic Empowerment and a sole proprietorship, with false payroll figures and fake tax documents. It states Summit Credit Union deposited $135,000 for Opportunity, Inc. on May 7, 2020, and that other loans came from Kabbage, Itria Ventures and Cross River Bank. A money laundering count concerns $20,000 in PPP proceeds wired to Coinbase to buy Bitcoin, and forfeiture of $406,211 is sought.

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Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 1 of 20

| WESTERN DISTRICT OF WISCONSIN

APR 3 2024
IN THE UNITED STATES DISTRICT COURT

FOR THE WESTERN DISTRICT OF WISCONSIN | FILED/REC'D
i CLERK OF COURT

UNITED STATES OF AMERICA SUPERSEDING INDICTMENT

Vv. Case No. 23-cr-69-wmc

18 U.S.C. § 1343

ERIC UPCHURCH, 18 U.S.C. § 1957(a)
18 U.S.C. § 1001(a)(3)

Defendant. 18 U.S.C. § 981(a)(1)(C)

18 U.S.C. § 982
28 U.S.C. § 2461(c)
21 U.S.C. § 853(p)
18 U.S.C. § 982(b)(1)

THE GRAND JURY CHARGES:

Background

At times material to this indictment:

The Small Business Administration

1. The Small Business Administration (SBA) was an executive branch
agency of the United States government that provided support to entrepreneurs and
small businesses. The mission of the SBA was to maintain and strengthen the

| nation’s economy by enabling the establishment and viability of small businesses, as
well as assisting in the economic recovery of communities after disasters.

2. As part of this effort, the SBA provided for loans through banks, credit

unions, and other lenders. These loans had government-backed guarantees.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 2 of 20

Paycheck Protection Program

3 The Coronavirus Aid, Relief, and Economic Security (CARES) Act was
a federal law enacted in March 2020 and designed to provide emergency financial
assistance to Americans suffering from the economic effects caused by the COVID-19
pandemic. One source of relief provided by the CARES Act was the authorization of
forgivable loans to small businesses for job retention and other authorized expenses
through a program referred to as the Paycheck Protection Program (PPP).

4. To obtain a PPP loan, a qualifying business was required to submit a
PPP loan application signed by an authorized representative of the business. The
PPP loan application required the business, through its authorized representative, to
acknowledge the program rules and make affirmative certifications in order to be
eligible to obtain the PPP loan. In the PPP loan application, the small business,
through its authorized representative, was required to state and certify among other
things, its (1) average monthly payroll expenses, and (2) number of employees.
These figures were used to calculate the amount of money the small business was
eligible to receive under the PPP. In addition, businesses applying for a PPP loan
were required to provide documentation, such as IRS tax returns and payroll reports,
to verify their payroll expenses. Entities were also required to have been in operation
on February 15, 2020, and either had employees for whom they paid salaries and
payroll taxes or paid independent contractors, or they were an eligible self-employed

individual, independent contractor, or sole proprietorship with no employees.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 3 of 20

oi A PPP loan application was processed by a participating lending
institution. If a PPP loan application was approved, the lender funded the PPP loan
using its own monies, which were guaranteed by the SBA. This initial loan
disbursement was referred to as a First Draw.

6. PPP loan proceeds were required to be used on certain permissible
expenses, including payroll costs, mortgage interest, rent, and utilities. Under the
applicable PPP rules and guidance, the interest and principal on the PPP loan was
eligible for forgiveness if the business spent the loan proceeds on these expense items
within a designated period of time and used a certain portion of the loan towards
payroll expenses.

re PPP allowed certain borrowers that previously received a PPP loan to
apply for a Second Draw PPP loan with the same general loan terms as their First
Draw. Second Draw PPP loans could also be used for job retention and other
authorized expenses. A borrower was eligible for a Second Draw PPP loan if the
borrower (1) previously received a First Draw PPP loan and used the full amount
only for authorized expenditures, (2) had no more than 300 employees, and (3) could
demonstrate at least a 25% reduction in gross receipts between comparable quarters

in 2019 and 2020.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 4 of 20

Opportunity, Inc.

8. According to the Wisconsin Department of Financial Institutions (DFT),
ERIC UPCHURCH registered Opportunity, Inc. as a domestic business on July 26,
2016. DFI listed ERIC UPCHURCH as Opportunity Inc.’s registered agent.

9. ERIC UPCHURCH opened bank accounts for Opportunity, Inc. at
Summit Credit Union on January 20, 2017. ERIC UPCHURCH listed himself as the
only authorized signer on the account.

10. | Documents submitted to the Internal Revenue Service (IRS) showed
that Opportunity, Inc. had several subsidiaries.

11. In 2018, Opportunity, Inc. reported grant income of $17,181 on the
corporate tax return that ERIC UPCHURCH filed with the IRS.

12. = In 2019, ERIC UPCHURCH requested an extension to file his personal
and business tax returns.

13. The IRS had no records that Opportunity, Inc. paid wages to any

employees in 2019.
Economic Empowerment Wisconsin
14. DFI had no documents for Economic Empowerment Wisconsin.
15. The IRS had no tax records that showed Economic Empowerment

Wisconsin made a profit or paid employees in 2019.
16. | ERIC UPCHURCH and Sharon Johnson opened bank accounts for

Economic Empowerment Wisconsin at Summit Credit Union on November 27, 2020.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 5 of 20

ERIC UPCHURCH and Sharon Johnson each owned 50% of the company, and they
listed themselves as the authorized signers on the account.

Economic Empowerment Collaboration, Inc.

17. According to DFI, Economic Empowerment Collaboration, Inc.
registered as a domestic business on June 3, 2020. DFI listed Opportunity, Inc. as
Economic Empowerment Collaboration’s registered agent.

18. The IRS had no tax records that showed Economic Empowerment
Collaboration made a profit or paid employees in 2019.

Eric Upchurch Sole Proprietorship

19. | ERIC UPCHURCH opened a personal savings and checking account at
Summit Credit Union on April 5, 2016. ERIC UPCHURCH listed himself as the only
authorized signer on the account.

20. In 2018, ERIC UPCHURCH filed a 2018 Schedule C-EZ tax form that
reported a sole proprietorship called Movement Fund made a net profit of $8,727.
UPCHURCH listed no other sole proprietorships on his tax forms.

One Red Feather

21. The IRS had no tax records that showed One Red Feather reported a

profit or paid employees in 2019.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 6 of 20

Madison Alliance for Black Economic Empowerment, Inc.

22. Madison Alliance for Black Economic Empowerment, Inc. (MABEE)
registered as a domestic business with DFI on May 12, 2017. DFI listed ERIC
UPCHURCH as MABEP’s registered agent.

23. | ERIC UPCHURCH opened a business savings and checking account for
MABEE at Summit Credit Union on July 1, 2017. ERIC UPCHURCH listed himself as
the only authorized signer on the account.

24. In 2018, MABEE reported grant income of $38,194 on Opportunity,
Inc.’s tax return that ERIC UPCHURCH filed with the IRS.

25. The IRS had no tax records that showed MABEE paid a salary to any
employees during 2019.

Young Gifted and Black Coalition, Inc.

26. Young, Gifted and Black Coalition, Inc. (YGBC) registered as a
domestic business with DFI on May 15, 2015.

27. | ERIC UPCHURCH opened a business savings and checking account for
YGBC on January 20, 2017. ERIC UPCHURCH listed himself as the only authorized
signer on the account.

28. The IRS had no tax records that showed YGBC made a profit or paid

employees in 2019.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 7 of 20

Young Gifted and Black, LLC

29. Young, Gifted, and Black, LLC (YGB, LLC) registered as a domestic
business with DFI on January 20, 2017. DFI listed ERIC UPCHURCH as YGB, LLC’s
registered agent.

30. In 2018, YGB, LLC reported grant income of $4,563 on Opportunity,
Inc.’s tax return that ERIC UPCHURCH filed with the IRS.

31. The IRS had no tax records that showed YGB, LLC paid any employees
in 2019.

PPP Loan Applications

32. | ERIC UPCHURCH submitted PPP loan applications on behalf of the
following companies: (1) Opportunity, Inc.; (2) Economic Empowerment Wisconsin;
(3) Economic Empowerment Collaboration; (4) Eric Upchurch Sole Proprietorship; (5)
One Red Feather; (6) MABEE; (7) YGBC; and (8) YGB, LLC.

Scheme to Defraud

33. From in or about April 2020, and continuing to in or about April 2021,
in the Western District of Wisconsin and elsewhere, the defendant,
ERIC UPCHURCH,
knowingly, and with intent to defraud, devised and participated in a scheme to
defraud and to obtain money and property by means of materially false and
fraudulent pretenses, representations, promises, and by concealment of material

facts.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 8 of 20

Opportunity, Inc.

34. It was part of the scheme to defraud that on or about April 24, 2020,
ERIC UPCHURCH, on behalf of Opportunity, Inc., submitted a PPP loan application
to Summit Credit Union for $135,000.

35. It was further part of the scheme that on the PPP loan application, ERIC
UPCHURCH falsely claimed that Opportunity, Inc. employed twelve people and had
an average monthly payroll expense of $54,000.

36. It was further part of the scheme that, along with the PPP loan
application, ERIC UPCHURCH provided Summit Credit Union with a fake profit
and loss statement that falsely showed Opportunity, Inc. earned revenue of
$1,017,875 and incurred expenses of $778,690.

37. SBA and Summit approved Opportunity, Inc.’s PPP loan application,
and Summit Credit Union electronically deposited $135,000 into Opportunity Inc.’s
business checking account on May 7, 2020.

Eric Upchurch - Sole Proprietorship (First Draw)

38. It was part of the scheme to defraud that on or about July 27, 2020,
ERIC UPCHURCH, on behalf of a sole proprietorship, submitted a PPP loan
application to Kabbage for $20,833.

39. It was further part of the scheme that ERIC UPCHURCH stated on the

PPP loan application that his sole proprietorship employed one person and falsely

stated that it had an average monthly payroll of $8,334.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 9 of 20

40. __ It was further part of the scheme that ERIC UPCHURCH included a
fake IRS Schedule C with the PPP loan application that falsely reported his sole
proprietorship had a net profit of $152,923 in 2019.

41. SBA and Kabbage approved ERIC UPCHURCH’s sole proprietorship
PPP loan application, and Kabbage deposited $20,833 into ERIC UPCHURCH’s
Summit Credit Union personal bank account on July 29, 2020.

Madison Alliance for Black Economic Empowerment, Inc. (First Draw)

42. It was part of the scheme to defraud that on or about July 30, 2020,
ERIC UPCHURCH, on behalf of MABEE, submitted a PPP loan application to
Kabbage for $62,690.

43. It was further part of the scheme that ERIC UPCHURCH reported on
the PPP loan application that MABEE employed one person and falsely stated that it
had an average monthly payroll of $25,076.

44. It was further part of the scheme that ERIC UPCHURCH included a
fake 2019 IRS Form W-3 for MABEE that falsely reported $284,041 in wages, tips, and
other compensation paid to MABEE’s employees.

45. SBA and Kabbage approved MABEE’s PPP loan application, and
Kabbage deposited $62,690 into MABEE’s Summit Credit Union business bank

account on August 3, 2020.
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 10 of 20

Eric Upchurch — Sole Proprietorship (Second Draw)

46. It was part of the scheme to defraud that on or about February 2, 2021,
ERIC UPCHURCH, on behalf of his sole proprietorship, submitted a Second Draw
PPP loan application to Kabbage for $20,833.

47. It was further part of the scheme that ERIC UPCHURCH reported on
the Second Draw PPP loan application that his sole proprietorship employed one
person and falsely stated that it had an average monthly payroll of $8,334.

48. SBA and Kabbage approved ERIC UPCHURCH’s sole proprietorship
Second Draw PPP loan application, and Kabbage deposited $20,833 into ERIC
UPCHURCH’s Summit Credit Union personal bank account on February 8, 2021.

Economic Empowerment Wisconsin (First Draw)

49. It was part of the scheme to defraud that on or about January 30, 2021,
ERIC UPCHURCH, on behalf of Economic Empowerment Wisconsin, submitted a
PPP loan application to Itria Ventures (Itria) for $20,833.

50. ‘It was further part of the scheme that ERIC UPCHURCH claimed on
the PPP loan application that Economic Empowerment Wisconsin employed one
person and falsely stated that it had an average monthly payroll of $9,020.

51. ‘It was further part of the scheme that ERIC UPCHURCH included a
fake IRS Schedule C with the PPP loan application that falsely reported Economic

Empowerment Wisconsin had a net profit of $111,204 in 2019.

10
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 11 of 20

52. SBA and Itria approved Economic Empowerment Wisconsin’s PPP loan
application. Itria deposited $20,833 into Economic Empowerment Wisconsin’s bank
account at Summit Credit Union on February 9, 2021.

Young, Gifted and Black Coalition (First Draw)

53. It was part of the scheme to defraud that on or about January 30, 2021,
ERIC UPCHURCH, on behalf of YGBC, submitted a PPP loan application to Itria for
$20,833.

54. ‘It was further part of the scheme that ERIC UPCHURCH reported on
the PPP loan application that YGBC employed one person and falsely stated that it
had an average monthly payroll of $9,020.

55. It was further part of the scheme that ERIC UPCHURCH included a
fake IRS Schedule C with the PPP loan application that falsely reported a net profit of
$108,251 in 2019.

56. SBA and Itria approved YGBC’s PPP loan application, and Itria
deposited $20,833 into YGBC’s Summit Credit Union business bank account on
February 10, 2021.

Madison Alliance for Black Economic Entpowerment, Inc. (Second Draw)

57. It was further part of the scheme that on or about March 24, 2021, ERIC

UPCHURCH, on behalf of MABEE, submitted a Second Draw PPP loan application

to Cross River Bank for $62,690.

11
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 12 of 20

58. It was further part of the scheme that ERIC UPCHURCH included a
fake 2019 IRS Form 940 for MABEE that falsely reported total payments of $300,912
to all MABEE employees and $2,520 in total tax liability.

59. It was further part of the scheme that ERIC UPCHURCH submitted a
fake 2019 IRS Form W-3 for MABEE with the PPP loan application that falsely
reported $284,041 in wages, tips, and other compensation paid to MABEE’s
employees.

60. | SBA and Cross River Bank approved MABEE’s Second Draw PPP loan
application, and Cross River Bank deposited $62,690 into MABEE’s Summit Credit
Union business account on March 26, 2021.

61. It was part of the scheme to defraud that on March 26, 2021, ERIC
UPCHURCH transferred $20,000 of the PPP loan proceeds that MABEE received
from Cross River Bank into his personal bank account at Summit Credit Union.

62. It was further part of the scheme that ERIC UPCHURCH wired the
$20,000 of PPP loan proceeds from his personal bank account at Summit Credit
Union into his account at Coinbase, Inc., which is located in California.

63. It was further part of the scheme that on March 26, 2021, ERIC
UPCHURCH used $19,000 in PPP loan proceeds to purchase approximately

0.34417794 Bitcoin from Coinbase, Inc.

12
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 13 of 20

Young, Gifted and Black, LLC (Second Draw)

64. It was part of the scheme to defraud that on or about March 31, 2021,
ERIC UPCHURCH, on behalf of YGB, LLC, submitted a Second Draw PPP loan
application to Cross River Bank for $20,833.

65. It was further part of the scheme that ERIC UPCHURCH reported on
the PPP loan application that YGB, LLC employed one person and falsely stated that
it had an average monthly payroll of $8,333.

66. It was further part of the scheme that ERIC UPCHURCH included a
fake IRS Schedule C with the PPP loan application that falsely reported YGBC had a
net profit of $108,251 in 2019.

67. | SBA and Cross River Bank approved YGB, LLC’s Second Draw PPP
loan application, and Cross River Bank deposited $20,833 into YGBC’s Summit
Credit Union business bank account on April 6, 2021.

Economic Empowerment Collaboration (Second Draw)

68. It was part of the scheme to defraud that on or about March 31, 2021,
ERIC UPCHURCH, on behalf of Economic Empowerment Collaboration, submitted a
Second Draw PPP loan application to Cross River Bank for $20,833.

69. It was further part of the scheme that ERIC UPCHURCH claimed that
Economic Empowerment Collaboration employed one person and falsely stated that

it had an average monthly payroll of $8,333.

13
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 14 of 20

70. It was further part of the scheme that ERIC UPCHURCH provided a
fake IRS Schedule C with the PPP loan application that falsely reported Economic
Empowerment Wisconsin had a net profit of $111,204 in 2019.

71. SBA and Cross River Bank approved Economic Empowerment
Collaboration’s Second Draw PPP loan application. Cross River Bank deposited
$20,833 into Economic Empowerment Wisconsin's bank account at Summit Credit
Union on April 16, 2021.

One Red Feather

72. It was part of the scheme to defraud that on or about March 18, 2021,
ERIC UPCHURCH, on behalf of One Red Feather, submitted a PPP loan application
to Cross River Bank for $20,833.

73. It was further part of the scheme that ERIC UPCHURCH reported on
the PPP loan application that One Red Feather employed one person and falsely
stated that it had an average monthly payroll of $8,333.

74. It was further part of the scheme that ERIC UPCHURCH included a
fake IRS Schedule C with the PPP loan application that falsely claimed One Red
Feather had a net profit of $123,611 in 2019.

75. | SBA and Cross River Bank approved One Red Feather’s PPP loan
application, and Cross River Bank deposited $20,833 into ERIC UPCHURCH’s

Summit Credit Union personal bank account on April 19, 2021.

14
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 15 of 20

Total Amount of Fraudulent PPP Loans

76. ERIC UPCHURCH, through his businesses, received a total of $406,211

in fraudulent PPP loans:

Opportunity, Inc. Union

Viren ae nannee Sole Proprietorship Kabbage
8/3/2020 $62,690 MABEE Kabbage
2/8/2021 $20,833 Sole Proprietorship

(Second Draw) Kabbage
2/9/2021 $20,833 Economic

Empowerment Itria Ventures

Wisconsin

2/10/2021 $20,833 Young, Gifted and .

3/26/2021 $62,690 MABEE Cross Rives Bank

(Second Draw)

Young, Gifted and

afey ae $20,833 Black, LLC Cross River Bank

(Second Draw)
4/16/2021 $20,833 Economic

Empowerment Cross River Bank

Collaboration

(Second Draw)
4/19/2021 $20,833 One Red Feather Cross River Bank

Total $406,211

77. | ERIC UPCHURCH transferred PPP proceeds to various bank accounts.

ERIC UPCHURCH then used the PPP proceeds to pay for unauthorized expenses.
Case: 3:23-cr-00069-wmc

78.

and elsewhere, the defendant,

Document #: 22 Filed: 04/03/24 Page 16 of 20

COUNTS 1-5

On or about the dates listed below, in the Western District of Wisconsin

ERIC UPCHURCH,

for the purpose of executing this scheme, knowingly caused to be transmitted by

means of wire communication in interstate commerce, the writings, signals, and

pictures, described below for each count:

Count

Date of Deposit

Nature of Communication

1

2/8/2021

SOLE PROPRIETORSHIP (SECOND DRAW):
Synovus Bank, on behalf of Kabbage, Inc., wired
$20,833 in PPP loan proceeds to ERIC
UPCHURCH’s personal bank account at Summit
Credit Union in Wisconsin. This caused electronic
signals to be sent from Synovus Bank’s servers in
Georgia to Summit Credit Union’s servers in
Cottage Grove, Wisconsin.

3/26/2021

MABEE (SECOND DRAW): Cross River Bank
wired $62,690 in PPP loan proceeds to MABEE’s
bank account at Summit Credit Union in Wisconsin.
This caused electronic signals to be sent from Cross
River Bank’s servers in New Jersey to Summit
Credit Union’s servers in Cottage Grove, Wisconsin.

4/6/2021

YOUNG, GIFTED AND BLACK, LLC (SECOND
DRAW): Cross River Bank wired $20,833 in PPP
loan proceeds to YGBC’s bank account at Summit
Credit Union in Wisconsin. This caused electronic
signals to be sent from Cross River Bank’s servers in
New Jersey to Summit Credit Union’s servers in
Cottage Grove, Wisconsin.

16
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 17 of 20

4 4/16/2021

ECONOMIC EMPOWERMENT
COLLABORATION (SECOND DRAW): Cross
River Bank wired $20,833 in PPP loan proceeds to
Economic Empowerment Collaboration’s bank
account at Summit Credit Union in Wisconsin. This
caused electronic signals to be sent from Cross
River Bank’s servers in New Jersey to Summit
Credit Union’s servers in Cottage Grove, Wisconsin.

5 4/19/2021

ONE RED FEATHER: Cross River Bank wired
$20,833 in PPP loan proceeds to ERIC
UPCHURCH’s bank account at Summit Credit
Union in Wisconsin. This caused electronic signals
to be sent from Cross River Bank’s servers in New
Jersey to Summit Credit Union’s servers in Cottage
Grove, Wisconsin.

(All in violation of Title 18, United States Code, Section 1343).

COUNTS 6-11

79. Paragraphs 1 through 78 are incorporated here.

80. On or about the dates listed below, in the Western District of

Wisconsin, the defendant,

ERIC UPCHURCH,

willfully and knowingly used the false writings and documents described below for

each count, knowing the same contained a materially false, fictitious, and fraudulent

statement and entry in a matter within the jurisdiction of the executive branch of the

Government of the United States:
Case: 3:23-cr-00069-wmc

Document #: 22 Filed: 04/03/24 Page 18 of 20

Count

Date

Nature of False Statement

4/24/2020

The defendant included a fake profit and loss
statement with the PPP loan application for
Opportunity, Inc. that falsely reported the company
earned revenue of $1,017,875 and incurred expenses
of $778,690 in 2019.

7/27/2020

The defendant included a fake IRS Schedule C with
the First Draw PPP loan application for his sole
proprietorship that falsely reported a net income of
$152,923 for 2019.

7/30/2020

The defendant included a fake IRS Form W-3 with
the First Draw PPP loan application for MABEE
that falsely reported $284,041 in wages, tips, and
other compensation paid to MABEE’s employees in
2019.

1/30/2021

The defendant included a fake IRS Schedule C with
the First Draw PPP loan application for Economic
Empowerment Wisconsin that falsely reported the
company had a net profit of $111,204 in 2019.

10

1/30/2021

The defendant included a fake IRS Schedule C with
the First Draw PPP loan application for YGBC that
falsely reported the company had a net profit of
$108,251 in 2019.

il

3/18/2021

The defendant provided a fake IRS Schedule C with
his PPP loan application for One Red Feather that
falsely claimed the company had a net profit of
$123,611 in 2019.

81.

82.

elsewhere, the defendant,

(All in violation of Title 18, United States Code, Section 1001(a)(3)).

COUNT 12

Paragraphs 1 through 78 are incorporated here.

On or about March 26, 2021, in the Western District of Wisconsin and

18
Case: 3:23-cr-00069-wmc Document#: 22 Filed: 04/03/24 Page 19 of 20

ERIC UPCHURCH,

knowingly engaged in, and caused to be engaged in, monetary transactions, affecting
interstate and foreign commerce, as described below, in criminally derived property
of value greater than $10,000, such property having been derived from a specified
unlawful activity, that is wire fraud, in violation of 18 U.S.C. § 1343, specifically,
ERIC UPCHURCH wired $20,000 in PPP proceeds from his personal bank account at
Summit Credit Union in Wisconsin to his account at Coinbase, Inc. in California and
purchased Bitcoin valued at $19,000.

(In violation of Title 18, United States Code, Section 1957(a)).

FORFEITURE ALLEGATION

1. As a result of the offenses charged in Counts 1-5 of this indictment, the
defendant, ERIC UPCHURCH, shall forfeit to the United States, pursuant to 18
U.S.C. §§ 981(a)(1)(C), 982 and 28 U.S.C. §2461(c), any property constituting or
derived from proceeds obtained directly or indirectly as a result of the said
violations. The property to be forfeited includes, but is not limited to a money
judgment, specifically, a sum of money equal to $406,211 in United States currency,
representing the amount of proceeds obtained as a result of the wire fraud.

2. If any of the property described above, as a result of any act or
omission of the defendant:

a. cannot be located upon the exercise of due diligence;

b. has been transferred or sold to, or deposited with, a third party;
Case: 3:23-cr-00069-wmc Document#:22 Filed: 04/03/24 Page 20 of 20

c. has been placed beyond the jurisdiction of the court;
d. has been substantially diminished in value; or,
e. has been commingled with other property which cannot be divided
without difficulty,
the United States of America shall be entitled to forfeiture of substitute property
pursuant to Title 21, United States Code, Section 853(p), as incorporated by Title 18,
United States Code, Section 982(b)(1) and Title 28, United States Code, Section

2461(c).

A TRUE BILL

PRESIDING JUROR

re States Attorney

20


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