A Stoughton man has been indicted on bank and wire fraud charges related to his alleged involvement in a scheme to obtain COVID-19-related small business loans from several financial institutions.
Patrick Joseph, 39, was indicted on one count each of wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a temporary loan program directed at small businesses called the Paycheck Protection Program (PPP).
According to the indictment, Joseph participated in a scheme that obtained over $220,000 in proceeds through fraudulent PPP loan applications submitted between April 2020 and April 2021.
Joseph and a co-conspirator allegedly submitted 12 fraudulent PPP loan applications, both in their own names and in the names of others, at several financial institutions.
It is also alleged that Joseph and his co-conspirator received kickback payments from individuals on whose behalf they submitted fraudulent PPP loan applications.
The charge of bank fraud and conspiracy to commit bank fraud provide for a sentence of up to 30 years in prison, up to five years of supervised release, a fine of up to $1 million or twice the gross gain or loss, whichever is greater, and forfeiture.
Joseph will appear in federal court in Boston at a later date.
The details contained in the indictment are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Related Federal Cases
- Viviane Cazeau, Bank Fraud Scheme, Massachusetts, 2023 · New Hampshire
- Miosotis Ribot-Figueroa, Bank Wire Fraud, Puerto Rico 2014 · Puerto Rico
- Jayme Gordon, Kung Fu Panda Wire Fraud, Massachusetts 2024 · California
- Stephen S. Eubanks, Wire Fraud, Massachusetts 2024 · New Hampshire
- James Dunham, Mail and Wire Fraud, Boston MA, 2023 · Connecticut
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News