Loans – Six indicted in PPP loan fraud scheme
Six individuals were charged in an indictment with fraudulently obtaining approximately $1.5 million in Paycheck Protection Program loans on behalf of five businesses based in Georgia and South Carolina.
Two of those charged said they operated transport companies.
The men were charged in an indictment filed in the Northern District of Georgia with conspiracy to commit bank fraud, bank fraud, false statements to a financial institution, and money laundering.
The individuals indicted in the alleged PPP loan scheme:
- Rodericque Thompson, 43, of Atlanta.
- Micah K. Baisden, 30, of Doraville, Ga., sole owner of PowerHouse Sports Academy LLC.
- Travis C. Crosby, 31, of Wellford, S.C., sole owner of Faithful Transport Services LLC.
- Keith A. Maloney Jr., 33, of Port Wentworth, Ga., sole owner of KMJ Transport LLC.
- Tabronx W. Smith, 43, of Buford, Ga., sole owner of Market Yourself LLC.
- Thomas D. Wilson, 30, of Atlanta, sole owner of Rare Breed LLC.
According to the indictment, these individuals were allegedly part of a larger group that together have fraudulently obtained approximately $3 million in PPP loans. So far, authorities have recovered about $1.12 million of the stolen money, according to a Justice Department news release.
Per the indictment, Thompson allegedly recruited Baisden, Crosby, Maloney, Wilson and Smith to each submit PPP loan applications in May 2020 that Thompson had partially filled out and that contained false information.
All of the men requested and received PPP loans of $300,000 and claimed to have 16 employees and a monthly payroll of $120,000, according to the indictment. After the money was deposited in their respective bank accounts, at the direction of Thompson each owner wrote checks to people who did not work for their businesses and paid for other nonbusiness expenses.
Thompson allegedly aided the applicants in submitting the fraudulent loan applications in exchange for a percentage of the loan proceeds.
Five other men have pleaded guilty in connection to this alleged PPP loan scheme:
- Antonio D. Hosey, of Atlanta, pleaded guilty to one count of information charging conspiracy to commit wire fraud and money laundering.
- Timothy Williams, of Atlanta, pleaded guilty to two counts of information charging conspiracy to commit wire fraud and making false statements.
- Stanley Dorceus, of Marietta, Ga., pleaded guilty to two counts of information charging conspiracy to commit wire fraud and making false statements.
- Kenneth L. Wright Jr., of Atlanta, pleaded guilty to two counts of information charging conspiracy to commit wire fraud and making false statements.
- Mark A. Stewart, of Greenville, S.C., pleaded guilty to two counts of information charging conspiracy to commit wire fraud and making false statements. LL