OCALA, FL – Henry Troy Wade, 45, of Ocala, Florida, is facing serious federal charges after allegedly scamming COVID-19 relief funds. Wade was indicted on six counts of wire fraud, each carrying a potential sentence of up to 20 years in federal prison. Federal prosecutors are also seeking forfeiture of at least $524,400, representing the alleged ill-gotten gains from the scheme.
According to the indictment, Wade allegedly submitted fraudulent applications for Economic Injury Disaster Loan (EIDL) loans and grants between May 1, 2020, and March 31, 2021. He claimed to own multiple businesses to qualify for the CARES Act assistance, but authorities say none of these businesses were actually operating during the relevant period, making them ineligible for the funds.
The scheme involved submitting applications online with false information. Once approved, Wade allegedly received the EIDL loans and grants via wire transfers directly into his bank accounts. The U.S. Attorney’s Office for the Middle District of Florida is leading the prosecution, with Assistant United States Attorney Hannah Nowalk assigned to the case.
This isn’t just a case of a few bad apples; it’s part of a larger pattern of exploitation of the CARES Act, a $2.2 trillion economic relief package enacted in March 2020 to combat the economic fallout of the COVID-19 pandemic. The EIDL program, administered by the Small Business Administration (SBA), was designed to provide low-interest funding to struggling businesses, renters, and homeowners.
The Department of Justice has made clear that it will aggressively pursue those who attempted to profit illegally from the pandemic’s hardship. “The Department of Justice remains vigilant in detecting, investigating, and prosecuting wrongdoing related to the crisis,” a statement from the U.S. Attorney’s Office reads. The Secret Service spearheaded the investigation into Wade’s alleged activities.
An indictment is a formal accusation, and Wade is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. The Grimy Times will continue to follow this case and provide updates as it progresses through the federal court system. The government will need to demonstrate Wade knowingly and intentionally defrauded the program to secure a conviction.
Related Federal Cases
- Marc Henry Menard, Investment Fraud Scheme, Mineola NY, 2023 · Pennsylvania
- Marc Henry Menard, Investment Fraud Scheme, New York, 2023 · Pennsylvania
- Orlando Pascual Jr., HIV Treatment Medicare Fraud, Miami FL, 2023 · Mississippi
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2023 · Mississippi
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2024 · Florida
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
Get the grimiest stories delivered weekly. Subscribe free
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News