GRIMY TIMES – In a stunning turn of events, Bounthavong Sonthikoummane, 42, and Ashlyn Arcouette, 32, both from White River Junction, Vermont, have been indicted for pandemic loan fraud, with allegations that they misused over $173,900 in federal aid intended to help struggling businesses.
Sources within the United States Attorney’s Office for the District of Vermont revealed that the pair are accused of obtaining loans through fraudulent means during the height of the coronavirus pandemic. Sonthikoummane appeared yesterday in U.S. District Court in Burlington, pleading not guilty to the charges against him. He faces up to 20 years in prison and fines totaling $250,000 if convicted.
The indictment filed on June 12, 2024, charges Sonthikoummane with bank fraud, wire fraud, conspiracy, money laundering, and making false statements, while Arcouette is charged with wire fraud, conspiracy, and money laundering. The duo allegedly applied for loans under the Economic Injury Disaster Loan and Paycheck Protection Plan programs, providing falsified information about their businesses to secure these funds.
According to court documents, Sonthikoummane falsely claimed to own independent contracting businesses, while Arcouette is accused of assisting him. The funds were then funneled into investments in crypto-currency exchange Coinbase, rather than supporting the intended business operations.
The U.S. Attorney stressed that these are merely accusations and the defendants are presumed innocent until proven guilty. If convicted, Sonthikoummane and Arcouette could face significant prison terms and substantial fines.
This case underscores the ongoing efforts by law enforcement to crack down on those who defraud federal aid programs designed to support Americans during difficult times.
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Key Facts
- State: Vermont
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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