Man sentenced after using COVID relief money to buy Tesla stock

Image of the article titled Man Who B Buy Stock Tesla Stock With Covid Relief Funds Sentenced to 4 Years in Prison

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An Oregon man is dragged to four years in prison after an elaborate fraud, all in the name of Stonex. Ministry of Justice announce On Friday, 51-year-old Andrew Lloyd was caught scamming over $3.4 million multiple times. Federal COVID-19 Relief Programs, then used that cash to buy 15,740 shares of Tesla stock last year.

According to a DOJ announcement, Lloyd has successfully defrauded several loan programs from the Small Business Administration (SBA), a federal branch that distributed Over 6 trillion dollars for my momPop stores that have taken a financial hit during the pandemic. Coincidentally, on the same day the Department of Justice made that announcement, the SBA’s inspector general found that the agency had provided an estimated $3.6 billion in aid to parties ineligible for these funds.

Obviously, Lloyd was one of those guys who didn’t qualify, but the Department of Justice shows how he was able to make the money anyway. Starting in April 2020, it began submitting loan applications to the agency using “many trade names and personally identifiable information of relatives and business partners without their consent.”

The announcement continues: “Lloyd provided false documentation to justify the requested loan amounts, including IRS forms that list 2019 wages allegedly paid by Lloyd-controlled entities.” The loan application packages contained some of the same information across different business entities, including the companies’ physical locations and the names of dozens of employees. The IRS forms and the gross amount of wages and earnings, names of employees, and wages paid to each employee were created by Lloyd and are false.”

The fact that the feds didn’t catch it for more than a year Although this guy has used false details multiple times across multiple loan applications, it doesn’t paint the agency at its best. By the time he was caught, the ad continues, Lloyd had likely paid about $114 per Tesla share. Today, this price Over 1000 dollars. He also allegedly used the money to purchase more than 25 properties across Oregon and California, and to funnel money into other stock funds as well.

The Department of Justice says that after one of Lloyd’s brokerage accounts was seized, Early last year, I discovered over $660,000 worth of stock and cash. Today, that added money along with thousands of Tesla shares has put Lloyd in disrepairYour earnings are at least $18 million.

Of course, the bulk of this money will not be Follow him into prison. pleaded guilty to charges of bank fraud and money laundering, and aggravated identity theft this month, which led to him being jailed for four years and five more years of supervised release. Lloyd was also ordered to pay more than $4 million in compensation, forfeit those 25 properties, and also forfeit more than 15,000 of those Tesla shares.

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