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DOJ-SlideBelts Civil Settlement out of PPP Fraud Alegations

Thursday, April 8, 2021
The U.S. Department of Justice (DOJ) recently announced that it has entered into the first civil settlement arising out of fraud allegations under the federal Paycheck Protection Program (PPP). The case involved SlideBelts Inc. and its CEO, Brigham Taylor. SlideBelts Inc. had obtained a $350,000 loan under the PPP.
The DOJ’s decision to enter into a civil settlement represents a sound and reasoned approach to resolving many PPP loan fraud investigations. While some cases of fraud under the PPP undoubtedly warrant criminal prosecution, it is equally clear that many do not. In many cases, companies and their executives unknowingly violated the hastily-drafted and difficult-to-interpret terms of the PPP. Additionally many companies, including SlideBelts Inc., have cooperated with the DOJ and returned their PPP loan funds upon facing investigations, and resolving these types of cases through civil settlement allows for an efficient resolutio ....

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Creating a Smart and Efficient Precedent to Combat Loan Fraud

PPP Fraud: How a Californian AUSA Created a Smart and Efficient Precedent to Combat Inadvertent Loan Fraud
Monday, April 5, 2021
If there is a lesson from the cases involving business owners experiencing bank freezes or encouners with law enforcement so far, it is the impression that banks and Justice Department officials have tried to apply standard law enforcement protocols irrespective of the nature of the allegations or the size of the fraud.
It failed; it consumes vast government resources while risking over-criminalization. Not every hard-working but struggling business owner should face asset freezes and criminal prosecution just because, for example, they made a simple accounting error. To be clear, the vast majority of clients did not buy a new boat or a luxury car from loan money; they simply miscalculated the correct loan amount at a time when even their own CPA was understandably unfamiliar with the qualifying requirements. ....

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