Raleigh Man Indicted for $1M PPP Fraud

RALEIGH, N.C. – A federal grand jury has leveled heavy charges against Wilson Alfredo Olivera Borda for allegedly defrauding the Paycheck Protection Program (PPP) out of over $1 million. The 44-year-old Raleigh man faces nine counts of wire fraud involving disaster-related benefits.

Borda is accused of siphoning PPP funds through five separate businesses, including The Insurance Centers.Com Inc., by lying about the number of employees and operations on his loan applications. He’s said to have bolstered these lies with fake tax returns submitted to lenders.

The indictment asserts that Borda also made fraudulent statements to secure loan forgiveness, leading to the U.S. Small Business Administration fully forgiving and paying off all nine loans.

U.S. Attorney Michael Easley emphasized the gravity of this white-collar crime, stating, “We are devoting more resources than ever to prosecuting white collar fraud, especially on taxpayer-funded relief programs meant to serve the needy.”

Borda faces a stern penalty if convicted: up to 30 years in federal prison.

Michael Easley, U.S. Attorney for the Eastern District of North Carolina, broke the news. The FBI is leading the investigation into this case, with Assistant U.S. Attorney Chris Cogburn tasked with prosecution. Since the start of the CARES Act, the Fraud Section has cracked down hard on similar schemes, prosecuting over 150 defendants and seizing over $75 million in ill-gotten gains.

As an indictment is merely an accusation, Borda is presumed innocent until proven guilty.

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