Pembroke Pines Woman Nabbed in $3.3M PPP Scam

FORT LAUDERDALE, FL – A federal jury in Fort Lauderdale delivered a guilty verdict to 32-year-old Keyaira Bostic of Pembroke Pines, Florida, on charges of conspiracy and wire fraud. Bostic was found to have orchestrated a brazen scheme to fraudulently obtain a Paycheck Protection Program (PPP) loan, part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, leaving taxpayers footing the bill for her greed.

Court documents reveal Bostic secured an $84,515 PPP loan for her company, I Am Liquid Inc., by submitting falsified information regarding employee numbers and payroll. The lies didn’t stop there. Bostic also paid kickbacks – totaling over $21,000 – to a co-conspirator, James Stote, for assistance in crafting and submitting the fraudulent application. This wasn’t a one-time deal; evidence presented at trial demonstrated Bostic actively recruited other co-conspirators, referring them to Stote to submit their own fraudulent PPP loan applications.

The scope of the fraud is staggering. These co-conspirators sought over $3.3 million in fraudulent PPP loans, successfully obtaining nearly $2 million in illicit proceeds. Bostic was convicted of conspiracy to commit bank fraud and three counts of wire fraud. While a jury found her not guilty of bank fraud, the convictions carry a substantial penalty. She faces a maximum sentence of 20 years in prison for *each* count, leaving her potentially facing decades behind bars. A federal judge will determine the final sentence after considering sentencing guidelines.

James Stote, Bostic’s alleged accomplice, remains a target. He was charged by information on November 10th with wire fraud, bank fraud, and conspiracy to commit wire fraud. His case is still pending, and investigators are undoubtedly digging deeper to uncover the full extent of his involvement. This case is a prime example of how the COVID-19 pandemic was exploited by criminals looking to line their pockets at the expense of struggling businesses and American taxpayers.

The investigation was a collaborative effort led by U.S. Attorney Juan Antonio Gonzalez of the Southern District of Florida, Assistant Attorney General Kenneth A. Polite Jr., and multiple federal agencies including the IRS-Criminal Investigation (IRS-CI), the FBI, and the SBA’s Office of Inspector General (SBA-OIG). Assistant U.S. Attorney David Turken and Trial Attorney Philip Trout are prosecuting the case, with Assistant U.S. Attorney Nicole Grosnoff handling any asset forfeiture proceedings.

The Department of Justice, through the COVID-19 Fraud Enforcement Task Force, is aggressively pursuing pandemic-related fraud. Anyone with information about potential fraud can report it to the National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or through the NCDF Web Complaint Form. Court documents related to this case can be found on the Southern District of Florida’s website under case number 20-cr-60139. Remember: a criminal complaint is not a finding of guilt; defendants are presumed innocent until proven guilty in a court of law.