A Hull man was sentenced to prison for fraudulently submitting CARES Act small business loans.
Shane Spierdowis, 31, was sentenced by U.S. District Court Judge Richard G. Stearns to two years in prison and two years of supervised release on Oct. 21, 2021.
Spierdowis used multiple shell companies and forged bank records to fraudulently apply for and obtain a federally funded Small Business Administration (SBA) Paycheck Protection Program (PPP) loan and an SBA Economic Injury Disaster Loan (EIDL).
He used Social Security numbers different from his own and fraudulent documentation to open bank accounts for his shell companies. He also provided a fraudulent corporate bank statement reflecting a balance exceeding $220,000 but dated before the pertinent bank account was ever opened.
As a result, Spierdowis obtained an SBA Paycheck Protection Program loan of $101,517 for one of his shell companies, the funds for which were wired to a bank in Massachusetts. Spierdowis also obtained an SBA EIDL in the amount of $89,900 using a separate shell company.
Additionally, with respect to both loans, Spierdowis submitted fraudulent federal tax forms for both shell companies that included his signature, as the purported president of each company, and the purported payment of hundreds of thousands of dollars in wages to purported employees during each quarter in 2019.
In reality, however, for part of Q1 2019 and all of Q2 – Q4 2019, Spierdowis was in federal custody after violating his probation arising from a federal conviction for conspiracy to commit securities fraud.
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Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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