⏱ 2 min read
A Chicago woman’s brazen scam to swindle nearly $20,416 from the Paycheck Protection Program landed her a federal prison sentence. Gladys Louise Stephenson, 48, made false statements to the Small Business Administration to secure a PPP loan, claiming her sole proprietorship raked in nearly $100,000 in gross income. She spent the dough on personal expenses, including hotel rooms and casino visits.
Stephenson’s scheme wasn’t limited to the PPP. She also defrauded the Social Security Administration and the Iowa Department of Human Services, collecting food and family assistance benefits by concealing her marital status and living arrangements. And during the COVID-19 pandemic, she applied for unemployment benefits, claiming she was a housekeeper who couldn’t work due to the virus.
Stephenson’s guilty plea and subsequent sentencing hearing revealed a pattern of deceit that spanned five years, from March 2017 to April 2022. Her prison term is a testament to the consequences of exploiting government programs meant to support those in need.
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- Federal Defendant Found Guilty of Bank Fraud, New York NY, 1983 · New York
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Iowa
- Location: IA
- Source: DOJ Press Release
