A North Las Vegas resident has been convicted of carrying out a scheme to submit more than $1.1 million dollars in fraudulent Paycheck Protection Program (PPP) loan applications.
Jaquari Davonte Woodward (24) pleaded guilty yesterday to devising and participating in the scheme to defraud the Small Business Administration and a California lending institution.
According to court documents and statements made in court, Woodward submitted a loan application on March 17, 2021, as the purported sole proprietor of a music business, inflating the amount of money his business made and submitting a fake IRS tax form.
He mass-marketed his scheme on social media by posting the amount of money he received and offering to help others apply, requesting $10,000 from any approved loan applications.
As part of the scheme, Woodward submitted at least 56 fraudulent applications for PPP loans on behalf of himself and others, resulting in approximately $1,166,582 in fraudulent loan proceeds being deposited into bank accounts controlled by him and other individuals.
Woodward received about $41,166 in fraudulent PPP loans and a significant share of the over $1 million in fraudulent loans he applied for and obtained on behalf of others, totaling at least $100,000.
Woodward pleaded guilty to wire fraud before United States District Judge Gloria M. Navarro. Sentencing is scheduled for August 15, 2023, and he faces the maximum statutory penalty of 30 years in prison, a term of supervised release, a fine, and restitution.
United States Attorney Jason M. Frierson for the District of Nevada, Special Agent in Charge Weston King for the Small Business Administration, Office of Inspector General’s (SBA OIG) Western Region, and Special Agent in Charge Spencer L. Evans for the FBI made the announcement.
Related Federal Cases
- Nevada Man, COVID-Relief Loan Fraud, Nevada 2023 · California
- Leland Fishback, COVID-Relief Fraud, Utah 2024 · Washington
- Howard Hsu, Tax Fraud Conspiracy, Nevada 2024 · Washington
- Sean Christopher Sladek, Investment Fraud Scheme, Nevada 2024 · Washington
- Ramesh Kris Nathan, Wire Fraud, Nevada 2019 · Washington
Key Facts
- State: Nevada
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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