Keyaira Bostic Convicted of $84,515 PPP Fraud

Miami, Florida – In a stunning turn of events, a federal jury in Fort Lauderdale has convicted Keyaira Bostic, 32, of Pembroke Pines, for her role in a massive COVID-19 relief fraud scheme.

Bostic, who fraudulently obtained $84,515 through the Paycheck Protection Program (PPP) under the CARES Act, was found guilty of conspiracy and wire fraud. According to court documents, Bostic misled lenders by presenting false information about her company’s employee count and average payroll.

Her fraudulent tactics didn’t stop there. Bostic paid over $21,000 in kickbacks to James Stote, an alleged co-conspirator, for his help in preparing the fraudulent loan application. In return, Bostic referred other co-conspirators to Stote, who then submitted additional fraudulent PPP applications totaling over $3.3 million, with nearly $2 million in proceeds obtained.

Bostic was convicted of conspiracy to commit bank fraud and wire fraud, as well as three counts of wire fraud. However, she was acquitted on bank fraud charges. She is set to be sentenced on February 3, 2022, facing a potential sentence of 20 years in prison for each conviction.

James Stote faces his own set of charges, including wire fraud and bank fraud, pending before the court.

This case was investigated by the IRS-CI, FBI, and SBA-OIG. Assistant U.S. Attorney David Turken and Trial Attorney Philip Trout are prosecuting Bostic’s case, with Assistant U.S. Attorney Nicole Grosnoff handling asset forfeiture.

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