Broken Arrow man was sentenced in federal court today for fraudulent application for a farewell loan under the Small Business Administration’s Small Business Administration Under the Aid, Assistance and Economic Security (CARES) Act in connection with the coronavirus, the interim said. U.S. Attorney Clint Johnson.
US District Judge Claire W. Egan sentenced 40-year-old Rafael Maturino to 12 months and one day in federal prison, followed by three years of supervised release. Judge Egan also ordered the defendant to pay $ 97,800 in damages to First Bank of Owasso. Maturino is due to surrender on July 14, 2021.
Defendant previously pleaded guilty to bank fraud after implementing First Bank of Owasso’s fraudulent scheme when applying for a Salary Protection Program loan under a false pretense on April 28, 2020. Maturino applied for a payroll protection loan on behalf of the company he claimed to own and operate Maturino Enterprises, Inc. He presented forms that skewed the company’s costs of wages, the amount of taxes paid, and the number of employees. In his plea agreement, Maturino admitted that he falsely submitted a Borrower Statement to the First Bank of Owasso Payroll Protection Program that Maturino Enterprises had an average monthly wage of $ 39,152.92; there were 5 employees; and was in operation on February 15, 2020. He also stated that he would use the requested loan funds to retain workers and maintain wages or pay mortgage interest, rent and utility bills, as outlined in the Payroll Protection Program Rule. Then Maturino signed a statement form confirming that the information is true.
The CARES Act is a federal law, passed in March 2020, designed to provide emergency financial assistance to millions of Americans suffering from the economic fallout from the COVID-19 pandemic. One source of relief provided by CARES was the authorization to issue up to $ 349 billion in non-repayable small business loans to preserve jobs and certain other expenses through the Payroll Protection Program (PPP). In April 2020, Congress authorized more than $ 300 billion in additional PPP funding, and in December 2020, Congress authorized funding for an additional $ 284 billion.
PPP allows qualified small businesses and other organizations to obtain loans with a maturity of two years and an interest rate of 1 percent. The proceeds from the Payroll Protection Program loan are to be used by businesses to cover wages, mortgage interest, rents, and utilities. PPP allows interest and principal to be forgiven if businesses spend the proceeds on these costs for a set period and use a certain percentage of the loan to cover payroll costs.
Board of Governors of the Federal Reserve and the Bureau of Consumer Financial Protection Office of the Inspector General; Small Business Office of the Inspector General; and the FBI are investigating authorities The case was led by Assistant US Attorney Victor Regal.
To learn more about DOJ’s COVID-19 response and prosecutions, visit: https://www.justice.gov/coronavirus… For more information on the Office of Criminal Justice’s efforts to address PPP fraud, including court documents in important cases, visit the following website: https://www.justice.gov/criminal-fraud/ppp-fraud… For more information on the Civil Division’s enforcement measures, visit the following website: https://www.justice.gov/civil…
To report a fraudulent scheme or suspicious activity related to COVID-19, contact the National Center for Natural Disaster Fraud (NCDF) by calling the NCDF hotline at 1-866-720-5721 or by filling out the web form NCDF Complaints to: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form…