⏱ 2 min read
A St. Louis County man has admitted faking pandemic business loans and disability benefits, swindling a whopping $637,000 from the system. Preston Randall, 62, pleaded guilty in U.S. District Court on Monday to five counts of wire fraud, two counts of theft of government property, and one count of concealment.
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Randall’s scheme involved applying for Economic Injury Disaster Loans (EIDL) under various business names, inflating revenue and workforce figures to get more cash. He sought a total of $8.5 million in loans and received $620,000.
But that was just the tip of the iceberg. Randall also claimed Social Security disability benefits, hiding his true income from the EIDL loans and even quittingclaiming his $500,000 home to a shell company.
The U.S. Department of Justice says Randall was indicted in May 2024 and later jailed after threatening a witness and placing utility bills in the man’s name. The case was investigated by the Social Security Administration’s Office of Inspector General.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Missouri
- Location: MO
- Source: DOJ Press Release
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