CHATTANOOGA, Tenn. – George Thacker, 59, of Spring City, Tennessee, is facing up to two decades behind bars after admitting to ripping off the federal government with a brazen scheme to defraud the CARES Act. The plea, entered on April 21, 2022, reveals a calculated attempt to exploit a program designed to keep businesses afloat during the COVID-19 pandemic for personal enrichment.
The CARES Act, a massive federal relief package, authorized billions in forgivable loans through the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) programs. These funds were a lifeline for small businesses struggling to stay open and pay their employees. But for Thacker, it was a jackpot to be exploited. Court filings detail how he secured over $600,000 in loan proceeds under false pretenses.
Thacker falsely certified on his loan applications that the money would be used to cover legitimate business expenses, namely employee wages and operating costs. Instead, the feds say, he funneled the cash into his own pockets. The investigation, spearheaded by the United States Secret Service, uncovered that Thacker used the stolen funds to purchase cryptocurrency and pour money into personal investment accounts – a far cry from supporting struggling workers or businesses.
This isn’t just about numbers on a spreadsheet; it’s about betrayal. While families and legitimate businesses were genuinely suffering, Thacker was allegedly using emergency relief funds to gamble on digital currencies and pad his investment portfolio. The Secret Service’s work on this case demonstrates a commitment to pursuing those who prey on crisis for personal gain. The agency has been increasingly focused on pandemic-related fraud, tracking down individuals who abused the system.
United States District Judge Charles E. Atchley, Jr. has scheduled sentencing for September 22, 2022. Thacker now faces a maximum sentence of 20 years in prison, a $250,000 fine, and three years of supervised release if convicted. Assistant United States Attorney Kyle J. Wilson prosecuted the case, bringing the full weight of federal law down on Thacker’s scheme. This case serves as a stark reminder that those who attempt to defraud federal programs will be held accountable.
The Grimy Times will continue to follow this case as it moves towards sentencing, and will provide updates on any further developments. This is just one example of the widespread fraud that plagued the CARES Act programs, and investigators are still working to uncover and prosecute other instances of abuse. The total amount of fraud related to these programs is estimated to be in the billions, and the Secret Service remains vigilant in its efforts to recover stolen funds and bring perpetrators to justice.
Related Federal Cases
- Nicole Bogan, Health Care Fraud, Columbus GA, 2013 · Georgia
- Robert J. Berryhill, $300k Mail and Wire Fraud, OH, 2023 · Tennessee
- Paul D. Allen, Bank Fraud Scheme, MS, 2023 · Tennessee
- Stanley P. Phillips Sentenced to Nine Years for Wire Fraud, Dothan … · Tennessee
- Mayra Edith Blair Sentenced to 37 Months for Tax Fraud and Money La… · Tennessee
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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