Darryl Duanne Young, PPP Loan Fraud, New Jersey 2024

A Pennsylvania man was charged with a scheme to fraudulently obtain over $1.7 million in federal Paycheck Protection Program (PPP) loans for himself and others, U.S. Attorney Philip R. Sellinger announced today.

Darryl Duanne Young, aka “Darryl Duanne Isom Young,” 59, of Kingston, Pennsylvania, is charged by complaint with one count of conspiracy to commit bank fraud, four counts of bank fraud, and two counts of money laundering.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic.

Young engaged in a scheme to illegally obtain, for himself and his conspirators, over $1.7 million in PPP loans through numerous misrepresentations to banks.

Young submitted and directed others to submit fraudulent PPP loan applications. He submitted falsified tax documents and bank statements to a victim lender in support of PPP loan applications.

The counts of conspiracy to commit bank fraud and bank fraud each carry a maximum penalty of 30 years in prison and a $1 million fine. The counts of money laundering each carry a maximum potential penalty of 10 years in prison and a maximum fine of $250,000 or twice the gross gain to the defendant or gross loss to the victim, whichever is greatest.

U.S. Attorney Sellinger credited special agents of IRS-Criminal Investigation, under the direction of Acting Special Agent in Charge Tammy Tomlins; postal inspectors of the U.S. Postal Inspection Service in Newark, under the direction of Inspector in Charge Damon Wood, Philadelphia Division; and other agencies with the investigation leading to the charges.

The government is represented by Assistant U.S. Attorneys Katherine M. Romano and David E. Dauenheimer of the U.S. Attorney’s Office’s Health Care Fraud Unit in Newark.

Young made his initial appearance by videoconference this afternoon before U.S. Magistrate Judge Cathy L. Waldor and was released on $150,000 unsecured bond.

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