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Watervliet Woman Admits to SBA Loan Application Fraud
ALBANY, NEW YORK – A Watervliet woman has pleaded guilty to wire fraud for submitting a fraudulent Economic Injury Disaster Loan (EIDL) application to the U.S. Small Business Administration (SBA).
Ouida Cordell, 47, of Watervliet, New York, faces up to 20 years in prison, a fine of up to $250,000, and a term of supervised release of up to 3 years. Sentencing is scheduled for June 28, 2023 before United States District Judge Glenn T. Suddaby.
As part of her guilty plea, Cordell admitted that on July 13, 2020, she submitted an online application to the SBA for an EIDL on behalf of her company, Bashment Entertainment LLC, that falsely overstated Bashment’s annual revenues. As a result of the fraud, Cordell and her company Bashment received an EIDL loan in the amount of $149,500 for which they were not entitled.
The FBI, with assistance from the New York State Department of Taxation and Finance, Office of Internal Affairs, and the U.S. Treasury Inspector General for Tax Administration, investigated this case. Assistant U.S. Attorney Rick Belliss is prosecuting this case.
Cordell was charged with one count of wire fraud. She is a resident of Watervliet, New York.
We will continue to follow this story and provide updates as more information becomes available.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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