⏱ 5 min read
A scoundrel from Cool Ridge, West Virginia, has been caught with his hands deep in the COVID-19 relief cookie jar. Ross Jay Bailey, 50, swiped a cool $1.5 million in cash meant to help small businesses weather the pandemic. Instead, he used it to buy himself a lavish lifestyle.
According to court documents, Bailey’s company, R&R Delivery Service Inc., was approved for a $2 million loan through the CARES Act in June 2020. But Bailey had other plans. He repeatedly certified that the funds would be used for business purposes, all while secretly transferring $1.4 million of the cash into his own personal bank account.
From there, Bailey used the cash to buy stocks and cryptocurrency for his own enrichment. It’s a brazen scheme that’s left many wondering how someone could be so blatant in their greed. Bailey’s brother, Ryan Keith Bailey, was also caught up in the scheme and was sentenced to a similar fate.
Bailey’s five-year probation sentence, including two years of home detention, is a slap on the wrist for someone who’s so blatant in their thievery. Still, it’s a start. And with a restitution order of over $1.5 million, Bailey will have to pay the price for his crimes.
Prosecutors say Bailey’s scheme is a prime example of the kind of COVID-19 relief fraud that’s been plaguing the country. And with a total payout of over $4 million, it’s clear that Bailey’s actions have real-world consequences.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: financial crimes
- Location: WV
- Source: DOJ Press Release
