Wads of cash, casino runs and strip club visits also figured in the mix in the PPP loan fraud spree. Loot paid for with PPP loan money included two Lamborghini Huracan sports cars, a Rolex Presidential watch, a 5.73-carat diamond ring, a diamond bracelet, two Tesla cars, a 26-foot Pavati Wake Boat, a 33-foot Cruiser yacht, two Rolls-Royces, a Lamborghini Urus luxury SUV, a Kia Stinger, a Ford F-350 pickup truck, at least three Bentleys, and an assortment of other pricey vehicles and boats.

Some of them operated as crime rings as part of the PPP loan fraud schemes they were committing. Millions of dollars of coronavirus relief funds meant to keep employees on the payroll were instead blown on extravagant personal spending sprees - all by a relatively small handful of people. The attempted fraud is staggering: $341,000,000 through January 2021. And you won’t believe how rotten they are. The overwhelming majority of owners who received PPP loans legitimately used the money to retain employees and stay operational.īut the program attracted a few rotten apples that committed PPP loan fraud. Paycheck Protection Program (PPP) loans have aided more than 5.2 million small business owners, providing a much-needed lifeline during the Coronavirus outbreak crisis.

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