Silver Spring’s Harris Pleads Guilty to $1.6M SBA Fraud

Baltimore, MD – Stewart Mark Twayne Harris, 38, of Silver Spring, was hit with a guilty plea for orchestrating a massive Small Business Administration (SBA) fraud scheme that siphoned off $1.6 million.

According to United States Attorney Rod J. Rosenstein and the SBA Inspector General Peggy E. Gustafson, Harris duped the system by submitting false tax returns and bank statements, using stolen identities to secure a loan for a commercial glass company purchase. The scheme unraveled as Harris funneled the proceeds into various accounts before defaulting on the loan.

Harris’ default led to the SBA paying the lender nearly $1.52 million. Adding insult to injury, Harris filed for bankruptcy in 2012, failing to list the commercial lender or disclose his ownership stake in the glass company. Now, he faces a potentially ruinous sentence of up to 30 years for bank fraud and money laundering, as well as a mandatory two-year sentence for aggravated identity theft.

The sentencing is set for June 12, 2015. This case underscores the Maryland Identity Theft Working Group’s dedication to combating identity theft and financial crimes. The group, established in 2006, has been instrumental in fostering cooperation between local, state, federal, and institutional fraud investigators.

This conviction is also a testament to the Obama administration’s Financial Fraud Enforcement Task Force (FFETF), which was created in 2009 to target and investigate financial crimes. With over 20 federal agencies and countless state and local partners, the FFETF has made significant strides in addressing financial fraud and protecting citizens from such schemes.