Federal unemployment insurance programs meant to support workers during the COVID pandemic became a gold mine for fraudsters, according to a new report.
The study found most PPP dollars "flowed disproportionately to wealthier households" instead of "rank-and-file workers" that the money was intended to reach.
Couple Convicted in $21M COVID Relief Scam on the Run After Cutting Ankle Monitors newsweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweek.com Daily Mail and Mail on Sunday newspapers.
Mustafa Qadiri Charged With Using COVID Loans to Buy a Ferrari, Bentley and Lamborghini
On 5/8/21 at 8:55 AM EDT
A man from Orange County, California has been accused of exploiting the federal program that helped businesses cope with the COVID pandemic by fraudulently obtaining millions of dollars which he spent on luxury cars and holidays.
Mustafa Qadiri, 38, of Irvine, has been charged with fraudulently obtaining $5 million via the Payment Protection Program (PPP), the scheme which gave forgivable loans to small businesses to keep them on their feet during the economy s shutdown.
Qadiri allegedly submitted false statements and exaggerated the number of employees at sham advertising and mortgage businesses.