US Charges 6 Bogus Religious Officials In $9Mln Theft Of Virus Relief Aid - Justice Dept.

WASHINGTON (UrduPoint News / Sputnik - 05th May, 2021) Six conspirators who posed as pastors or leaders of bogus faith-based organizations face criminal charges for defrauding the US Small business Administration (SBA) of $9 million in COVID-19 aid, the Justice Department said on Tuesday.

"From on or about March 31, 2020, through on or about Dec. 17, 2020, the six Defendants, and others known and unknown to the Grand Jury, are accused of devising a scheme to defraud the SBA and other financial institutions by obtaining Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans under false pretenses," the department said in a press release.

The indictment charges Terrence L. Pounds, 44, and five co-defendants that he recruited, with multiple counts of conspiracy, wire fraud and money laundering, the release said.

POUNDS allegedly claimed in SBA loan applications that his co-defendants each operated a non-profit faith-based organization or a church with at least $1 million in revenue and 15 employees, the release added.

Together, they submitted at least 60 fraudulent loan applications seeking a total of about $9million, of which the SBA approved about $3.3 million, according to the release.