BOSTON – A Worcester man pleaded guilty today to fraudulently applying for business loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and then spending the money on personal expenses.
Richard Oworae, 59, pleaded guilty to three counts of wire fraud and one count of aggravated identity theft.
Between late July 2020 and late August 2020, Oworae schemed to defraud the Small Business Administration (SBA) by submitting applications through SBA’s website for at least three Economic Injury Disaster Loans (EIDL) totaling approximately $194,700.
Oworae fraudulently applied for EIDL, provided false statements on the loan applications using the stolen personal identification information of another person and misappropriated the loan funds for personal use.
U.S. District Court Judge Timothy S. Hillman scheduled sentencing for Jan. 12, 2022.
Assistant U.S. Attorney Danial Bennett of Mendell’s Worcester Branch Office is prosecuting the case.
The charges of wire fraud provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $1 million or twice the gross gain or loss, whichever is greater.
The charge of aggravated identity theft provides for a mandatory sentence of two years in prison, to be served consecutively to any sentence imposed for the wire fraud counts, up to one year of supervised release and a fine of up to $250,000.
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Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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