A Somerset County man has been sentenced to prison for his role in a COVID-19 loan fraud scheme that netted him $1.6 million.
Jordan C. Larkins, 32, of Somerset, New Jersey, was sentenced to 46 months in prison for wire fraud, bank fraud, and money laundering charges.
According to court documents, Larkins submitted three fraudulent Paycheck Protection Program (PPP) loan applications to three different lenders and 11 fraudulent Economic Injury Disaster Loan (EIDL) applications to the Small Business Administration (SBA) between May 2020 and July 2020.
The scheme resulted in a total loss of $1.64 million to the lenders and the SBA. Larkins used the funds for personal expenses, including transferring money to a foreign bank.
Larkins pleaded guilty to the charges in a previous hearing and was sentenced by U.S. District Judge Zahid N. Quraishi in Trenton federal court on no date specified.
In addition to the prison term, Larkins was ordered to serve three years of supervised release and pay $1.64 million in restitution.
The investigation was led by the U.S. Postal Inspection Service, the IRS-Criminal Investigation, and the Social Security Administration, Office of the Inspector General.
Larkins’ sentencing is a reminder of the importance of protecting against COVID-19-related financial crimes.
Defendant: Jordan C. Larkins
Criminal Charges: Wire fraud, bank fraud, money laundering
City and State: Somerset, New Jersey
Exact Date: No date specified
Sentence: 46 months in prison, 3 years supervised release, $1.64 million restitution
Dollar Amount: $1.6 million
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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