Alaska Man Igwacho Nabbed in PPP Scam

PORTLAND, Ore. – Peter Igwacho, 64, an Alaska resident originally from Cameroon, has been found guilty of wire fraud, a federal jury in Portland decided Thursday. The verdict caps a case revealing a brazen scheme to siphon funds from programs designed to keep businesses afloat during the height of the COVID-19 pandemic. Igwacho now faces a potential two decades behind bars.

Court documents detail how, between April 2020 and October 2021, Igwacho allegedly submitted at least five fraudulent applications for aid through the Paycheck Protection Program (PPP) and the Economic Injury and Disaster Loan (EIDL) program. These weren’t simple errors; the information provided was deliberately fabricated, designed to mislead authorities and unlock access to desperately needed relief money.

The applications claimed to be on behalf of a sole proprietorship that, investigators found, existed only on paper. There were no actual business operations, no payroll records for employees, and the reported gross revenues were a complete fiction. Igwacho, residing in Anchorage at the time, wasn’t trying to save a struggling enterprise – he was building a house of cards on a foundation of lies.

The scheme didn’t stop at securing the funds. Once the stimulus money landed in his accounts, Igwacho didn’t use it to cover legitimate pandemic-related expenses as required. Instead, the money was diverted to personal expenses, a clear betrayal of the program’s intent and a slap in the face to businesses genuinely struggling to survive. The PPP and EIDL programs were a lifeline for many, and Igwacho allegedly treated them like a personal ATM.

A federal grand jury in Portland handed down a three-count superseding indictment on July 23, 2024, formally charging Igwacho with wire fraud. Assistant U.S. Attorneys Robert Trisotto and Meredith Bateman led the prosecution, presenting the evidence that ultimately convinced the jury of Igwacho’s guilt. The investigation was a joint effort by the Small Business Administration Office of Inspector General and the Treasury Inspector General for Tax Administration.

Igwacho faces a maximum sentence of 20 years in prison, a $250,000 fine, and three years of supervised release following his incarceration. Sentencing is scheduled for November 18, 2025, before a U.S. District Judge. The Grimy Times will continue to follow this case and report on the sentencing as it unfolds. This is yet another example of how some individuals exploited a national crisis for personal gain, and justice, in this case, is finally being served.