Jennifer Stocker, Bank Fraud, Vermont 2023

In a shocking case of pandemic-related fraud, New Haven, Vermont resident Jennifer Stocker, 46, has pleaded guilty to bank fraud in connection with false statements made on an application for a Paycheck Protection Program (PPP) loan. According to court records, Stocker falsely stated on the loan application that she had not been convicted of a felony in the past five years and was not on probation.

However, in 2018, Stocker pleaded guilty in U.S. District Court in Burlington to making false statements in applications for benefits funded by federal agencies. For that offense, she was sentenced to five years of probation and ordered to pay nearly $140,000 in restitution.

Twelve Acres, the entity co-owned by Stocker, submitted two PPP loan applications in May 2020 and February 2021. The applications were approved, and Stocker received loan proceeds totaling nearly $60,000 and over $26,000, respectively. She submitted loan forgiveness applications for both PPP loans, which were granted in full.

For her 2018 offense, the U.S. Probation Office filed a petition alleging that Stocker violated her conditions of probation by failing to pay restitution from February 2022 to July 2022, by opening auto loans without obtaining approval from the probation officer, and by committing the bank fraud offense described above. In today’s hearing, Stocker admitted to these violations.

Stocker faces a maximum possible penalty of 30 years in prison and a $1,000,000 fine for the bank fraud offense. For the probation violation, she faces a maximum possible penalty of five years in prison. The actual sentence will be determined by Chief Judge Geoffrey W. Crawford with reference to the Federal Sentencing Guidelines and the United States Code.

In the plea agreement, the government stated that it would recommend a cumulative total term of imprisonment of 25 months. Stocker is represented by Assistant Federal Public Defender Sara Puls, Esq. The prosecutor is Assistant U.S. Attorney Nicole Cate.

Addressing pandemic-related fraud is a priority of U.S. Attorney Nikolas Kerest. Those with information about allegations of attempted fraud involving COVID-19 can report it by calling the National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

The case is a reminder of the importance of accountability in the face of pandemic-related fraud. The U.S. Attorney’s Office will continue to prioritize investigations and prosecutions of individuals who seek to exploit the system for personal gain.

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