A 40-year-old resident of Las Vegas allegedly tricked six national banks and a credit union into providing his shell companies nearly $2 million in government-subsidized loans intended for firms struggling amid the novel coronavirus pandemic, then made several extravagant purchases.
An East Coast bank employee attempted to defraud the federal government's Payment Protection Program by applying for a loan for a shell company that he falsely claimed was a small business, federal investigators said Monday.
The anti-money laundering compliance department of a New England-based lender played a key role in advancing a federal probe into two men who sought to fraudulently obtain government-subsidized loans intended for small businesses struggling during the coronavirus pandemic.
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