Man sentenced to more than 10 years in prison for bank fraud in connection with PPP loans
ST. LOUIS, Mo. (KMOV) - The United States District Court Judge sentenced a man to 125 months in prison for bank fraud related to Payment Protection Program (PPP) loans.
Documents show Robert Williams, 58, submitted false information to receive funding from Midwest Regional Bank and PNC Bank. He received up to $2.7 million in federal loans provided through the CARES Act, which was a federal law that was enacted around March 2020 to provide financial assistance to people suffering from the economic impact caused by the COVID-19 pandemic.
Officials reported that Williams submitted approximately 30 different PPP loan applications with false information related to the ownership of a business and its payroll, including the number of employees and monthly payroll expenses, during the summer of 2020.
Investigators also say that Williams used the loan funds for personal benefits, including buying cars such as a Maserati Levante and a Jaguar F-Pace. He also helped several other businesses in submitting false information in PPP loan applications.
FBI found approximately $466,000 and vehicles, and Williams agreed to an order of restitution for $1,231,491.
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