Tampa, Florida – A St. Petersburg man has been sentenced to three years and six months in federal prison for fraudulently obtaining money through various Covid-19 relief programs.
Louis Thornton III, 63, was sentenced by U.S. District Judge Susan C. Bucklew for his role in the scheme, which targeted the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program.
According to court documents, from April through July 2020, Thornton submitted fraudulent applications for EIDL and PPP loans on behalf of several defunct companies. The applications falsely claimed that the companies were operational and had suffered economic injury due to the Covid-19 pandemic.
Thornton obtained a total of $814,632.50 in EIDL and PPP loans, to which he was not entitled. He used the money to invest in stocks, futures, and commodities.
Thornton had pleaded guilty on September 13, 2021. As part of his sentence, the Court also entered a money judgment in the amount of $814,632.50, the proceeds of the wire fraud scheme.
The case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Rachel K. Jones.
Anyone 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.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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