The fraudster illegally received support from the state to pay salaries to employees. He invested some of the funds in cryptocurrency, cashed out the other, and left the rest on the account
A resident of American Houston illegally received $1.1 million in support from the state and spent part of this money on cryptocurrency. The US Department of justice has filed charges under several articles in connection with the abuse of the COVID-19 payment protection program.
The lawsuit says the fraudster sent two false applications for loans under the program to a federally insured Bank on behalf of Texas Barbecue and Houston Landscaping. The investigation found that these firms do not have any arrears of wages. The criminal himself claimed that "many employees work for him, and salary costs are measured in hundreds of thousands of dollars."
Both loan applications were approved. After that, the attacker invested some of the funds in cryptocurrency, withdrew another through an ATM, and left the rest on the account.
