Chicago Bank Fraud Defense Lawyer
Businessman Facing COVID-Related Bank Fraud Charges in Chicago
It is not uncommon during large scale disasters for fraud charges against
government programs and insurance companies to increase. The sheer number
of applicants for relief money from programs like FEMA after a hurricane,
or the CARES Act programs during COVID-19, make it possible for fraudulent
behavior to become obscured and undiscovered.
Paycheck Protection Program (PPP) was established through the federal
CARES Act that was passed in March and provides forgivable loans to certain business
applicants if they promise to use the money on payroll, rent and similar expenses.
However, COVID-19-related fraud charges have been filed over the summer,
including against a
Chicago-area business owner accused of filing a fraudulent bank loan application for over $400,000 in loans from the
PPP established by the CARES Act. He allegedly submitted documents stating
his payroll expenses were much higher than they actually were in efforts
to obtain a higher PPP loan than was legal. As a result, the business
owner faced charges of bank fraud and making false statements to a financial
Contact a seasoned Chicago bank fraud defense attorney to defend your case. Call
(888) 412-3741 to get started!
Bank Fraud vs. Making False Claims to a Financial Institution
Bank fraud is defined as knowingly executing or attempting to execute a scheme to
obtain assets from a financial institution through dishonest means.
Making false statements to a financial institution is considered a crime under a different statute
and applies to individuals seeking certain types of loans or credit from
one of several named institutions, specifically the
Small Business Administration.
Bank fraud is the more general charge but individuals, as is the case here,
can be charged with both offenses for certain types of fraudulent activity.
These crimes each carry sentences up to 30 years in prison and fines of
up to $1,000,000.
The federal government takes a strong stance against bank fraud and making
false statements because often, as is the case with the CARES Act, Congress
allocates a finite amount of relief money. This means money going to an
does not need it could mean money does not reach individuals who
do need it.
Other COVID-Related Fraud Charges
Because of the increase in unemployment due to the COVID-induced economic
downturn, fraudulent unemployment claims have
increased significantly. Some fraudsters submit false paperwork to obtain benefits, while others
collect benefits by gaining employment after becoming ineligible. Failing
to report wages to obtain unemployment benefits can lead to other charges
such as tax fraud if the defendant fails to pay income taxes as a result.
Additionally, some individuals filing for unemployment fraudulently do
so by stealing identities, meaning charges of identity theft will be levied
if the individual is caught. A Chicago bank fraud defense lawyer can work
to reduce or dismiss your additional charges such as identity theft.
Contact a Chicago Fraud Crimes Defense Lawyer
Whether you are facing bank fraud charges or charges related to health
care, unemployment or any other federal criminal charge, a lawyer with
federal criminal fraud cases is critical to your defense. A Chicago bank fraud defense lawyer like
me can examine the details of your case, beginning from the investigation
against you, and exhaust effective legal resources and strategies to build
a strong defense on your behalf.
If you are facing fraud charges or under investigation in Chicago,
contact attorney Thomas Hallock at 888-412-3741 to discuss your case for free.