BOSTON, Massachusetts – A Stoughton man has been arrested and charged in connection with allegedly filing a fraudulent loan application to obtain over $400,000 in Paycheck Protection Program (PPP) loan funds.
Adley Bernadin, 44, was charged with one count of wire fraud after allegedly submitting a fraudulent application on behalf of a purported home health care company in May 2020.
According to the criminal complaint, Bernadin misrepresented information about the purported home health care company’s employees and payroll expenses, and falsified a tax form in an effort to qualify the business for the PPP loan.
After receiving the PPP funds, Bernadin allegedly used the money to make home mortgage payments and to write checks to individuals with whom he is believed to have a personal relationship.
The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.
Adley Bernadin was released on conditions following an initial appearance in federal court in Boston before U.S. District Court Magistrate Judge Marianne B. Bowler this morning.
The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release, and a fine of $250,000, or twice the gross gain or loss from the scheme, whichever is greater.
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Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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