A federal grand jury in Chicago indicted two men for fraudulently obtaining over a half a million dollars in small business loans and grants meant for COVID-19 relief.
The men allegedly submitted numerous applications for loans to the SBA on behalf of fake businesses.
The applications allegedly had false information and misrepresentations about number of employees, gross revenues, payroll, operating expenses, type of business, and existence as companies with ongoing operations. A federal raid in the southwest suburbs has put two behind bars. They are facing felony charges of theft and loan fraud tied to Covid-19 relief money, and one of those defendants previously ran for state office.
The indictment alleges that Brown and Scott knew at the time that the fictitious entities through which they applied had no employees or payroll, and that they intended to use the loan funds for their personal use and benefit. Brown and Scott were arraigned in federal court in Chicago on Wednesday, before Magistrate Judge Jeffrey Cole.All the news you need to know, every day
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