ATLANTA – The grimy details of a $9 million federal loan fraud and money laundering operation are now public, with ten individuals facing federal charges for targeting U.S. Small Business Administration programs. David Nathaniel Black, Jr., 31, of Newnan, Georgia, is at the heart of this scam that siphoned valuable resources intended for small businesses and citizens during tough times.
“Fraud schemes like these steal crucial aid meant to help struggling businesses,” said U.S. Attorney Theodore S. Hertzberg. “Our office is committed to hunting down these criminals who exploit government assistance programs.”
According to the indictment, Black and his co-conspirators submitted false Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) applications using stolen company information. They obtained over $9 million in fraudulent loans, with proceeds used for luxury items like a Bentley Bentayga worth $200,000 and a McLaren 720S convertible valued at $350,000.
Black faces 17 counts of wire fraud, each carrying a maximum sentence of 20 years’ imprisonment. He is also charged with over 100 counts of money laundering, which carry a maximum sentence of 10 years’ imprisonment per count. Other defendants charged include Rashad Avery, Tara Batson, Chris Elvins Constant, Nicole Cooley, Reginald Douglas, Yvenord Guerilus, Carson Merice, Rise Robinson, and George Thompson.
U.S. Attorney Hertzberg emphasized that the charges do not indicate guilt. The defendants are presumed innocent until proven guilty in a court of law.
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Key Facts
- State: Georgia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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