⏱ 3 min read
St. Louis, MO – A brazen $8.3 million pandemic loan scam unraveled Friday, as three St. Louis residents were hauled in and accused of ripping off US Small Business Administration programs. The scheme, which spanned nearly five years, targeted Paycheck Protection Program and Economic Injury Disaster Loans.
The indictment says Raymond Porter Jr., 64, David Holmon, 54, and Latrice Davis, 40, worked together to submit at least 40 fake loan applications between March 2020 and December 2024. Porter and Holmon allegedly made off with 10-20% of the approved loans, disguising their cut as payments for equipment or consulting services.
Monica Butler, 59, Dana Kelly, 47, and Alexander Sampson, 39, were also indicted on charges of conspiracy, wire fraud, and money laundering. The investigation is ongoing, but so far, the defendants have been accused of swindling nearly $8.4 million from the US government.
The pandemic loan programs were designed to support small businesses during the COVID-19 crisis. Instead, the defendants allegedly exploited the system for personal gain.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Missouri
- Location: MO
- Source: DOJ Press Release
