Related Federal Cases
- Mark X. Haley II, PPP Loan Fraud, Maine 2023 · New Hampshire
- April McKinney, Healthcare Fraud, Maine 2020 · New Hampshire
- William Bischoff, Investment Fraud and Tax Evasion, Maine 2018 · New Hampshire
- John J. Cavanaugh Jr, SBA Fraud & Identity Theft, Maine 2024 · New Hampshire
- Joshua Cory Frances, Federal Program and Wire Fraud, Maine 2024 · Massachusetts
Lewiston Man Pleads Guilty to PPP Loan Fraud, Faces Up to 20 Years in Prison
BANGOR, Maine, April 2021: In a shocking turn of events, Shahied Golden, 29, of Lewiston, has pleaded guilty to filing a fraudulent application for a loan from the Paycheck Protection Program (PPP).
According to court records, Golden filed a fraudulent PPP loan application in April 2021 and received approximately $20,833 in PPP funds. The application listed a false gross income for 2020 and falsely stated the loan proceeds were needed to make payroll payments for his alleged business. He also submitted a fraudulent document in support of his application, which falsely stated his gross income, among other things.
Further, Golden caused the funds to be deposited into his own personal bank account, quickly withdrew the funds, and did not use the PPP proceeds for approved expenses. This egregious act of fraud has left many questioning the integrity of the PPP program.
Golden faces up to 20 years in prison, three years of supervised release and a $250,000 fine. He will be sentenced after the completion of a presentence investigative report by the U.S. Probation Office. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The case was investigated by Homeland Security Investigations. The Paycheck Protection Program (PPP) was a COVID-19 pandemic relief program administered by the Small Business Administration (SBA) that provided forgivable loans to small businesses for job retention and certain other expenses.
The PPP permitted participating third-party lenders to approve and disburse SBA-backed PPP loans to cover payroll, fixed debts, utilities, rent/mortgage, accounts payable and other bills incurred by qualifying businesses during, and resulting from, the COVID-19 pandemic. PPP loans were fully guaranteed by the SBA.
Golden’s actions have sparked concern about the effectiveness of the PPP program in preventing fraud. As the investigation continues, one thing is clear: Golden’s fraudulent activities will not go unpunished.
Key Facts
- State: Maine
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
