Benjamin Hayford, 32, of Centerton, Arkansas, is going down for trying to rip off the federal government for more than $8 million in forgivable Paycheck Protection Program (PPP) loans meant for struggling small businesses during the pandemic. Hayford pleaded guilty to one count of bank fraud and four counts of making false statements to a financial institution in the Northern District of Oklahoma. His sentencing is set for November 4 before U.S. District Judge Claire V. Eagan.
Hayford, a project manager for a major national retailer, didn’t let his day job stop him from running a side hustle built on lies. He filed multiple fraudulent PPP loan applications with banks, claiming massive payroll expenses that didn’t exist. To back up the scam, he forged payroll documents and submitted them to lenders—paperwork so fake it couldn’t survive a cursory fact-check.
The CARES Act, passed in March 2020, poured emergency relief into the economy through the SBA’s PPP, authorizing hundreds of billions in forgivable loans for businesses keeping workers on payroll. Hayford saw not a lifeline—but a payday. He falsified the founding date of a Limited Liability Partnership tied to the applications and misrepresented every key detail to make his phantom business look legitimate.
“Stopping COVID-related fraud is a priority for the Department of Justice,” said U.S. Attorney Trent Shores. “Fraudsters like Benjamin Hayford greedily steal money that should be going to America’s small business owners who are struggling during this public health crisis.” Shores vowed continued crackdowns on crooks exploiting relief programs from “coast to coast.”
The case was built by federal watchdogs: the Federal Housing Finance Agency OIG, the FDIC OIG, and the SBA OIG. Prosecution came from Deputy Chief Brian R. Young of the DOJ’s Fraud Section and Assistant U.S. Attorney Victor A.S. Régal. The U.S. Attorney’s Office for the Western District of Arkansas also pitched in, helping track down the paper trail.
PPP loans were meant for rent, payroll, and survival—not for grifters like Hayford to game the system. With a 1% interest rate and forgiveness if used properly, the program was a bailout for the desperate. Instead, Hayford chose greed. Now, he’ll face prison while the feds keep hunting others who thought the pandemic was their chance to score.
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Key Facts
- State: Oklahoma
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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