North Las Vegas Resident Pleads Guilty to $1.1 Million COVID-19 Relief Fraud Scheme
Yesterday, a resident of North Las Vegas pleaded guilty to orchestrating a scheme that involved submitting over $1.1 million in fraudulent Paycheck Protection Program (PPP) loan applications. Jaquari Davonte Woodward, aged 24, was charged with defrauding the Small Business Administration and a California lending institution by submitting false loan applications on behalf of himself and others.
According to court documents, Woodward engaged in the fraudulent scheme from around March 14, 2021, until at least October 9, 2021. In one instance, on March 17, 2021, he submitted a loan application for his supposed music business, inflating its revenue and providing falsified tax information. Woodward then promoted his scheme on social media, boasting about the money he received and offering assistance to others in exchange for $10,000 from any approved loan applications. Overall, he submitted at least 56 fraudulent PPP loan applications.
Woodward’s fraudulent actions resulted in approximately $1,166,582 being deposited into bank accounts controlled by him and his accomplices. He personally received around $41,166 in fraudulent PPP loans and played a significant role in obtaining over $1 million in fraudulent loans for others, amounting to at least $100,000.
Woodward pleaded guilty to wire fraud before United States District Judge Gloria M. Navarro, and his sentencing is scheduled for August 15, 2023. If convicted, he faces a maximum statutory penalty of 30 years in prison, along with supervised release, a fine, and restitution.
North Las Vegas Resident Pleads Guilty to $1.1 Million COVID-19 Relief Fraud Scheme
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