Massachusetts man among two accused of SBA fraudulent loans

0
39

[ad_1]

Federal authorities announced Monday that men in Massachusetts and New Hampshire have been indicted for their alleged role in a scheme that used stolen personal information to fraudulently obtain more than $ 450,000 in disaster loans from the Small Business Administration. …

About $ 250,000 of that money was spent on iPhones, which were then resold, according to a statement from the US Attorney’s Office in Boston.

Edwin Acevedo, 35, from Acton, Massachusetts, and Hector Garcia, 49, from Manchester, New Hampshire, were arrested last week and charged with conspiracy to commit electronic fraud. Garcia was also charged with aggravated identity theft.

Acevedo is being held pending a detention hearing. Garcia is due to appear in court on September 3rd.

A letter requesting comment was left to Acevedo’s lawyer. Garcia’s lawyer is not listed in the court records.

According to prosecutors, Garcia used the stolen identity of a US citizen to open a fraudulent bank account that was linked to other fraudulent bank accounts set up to obtain loans.

Acevedo then handed out debit cards associated with those accounts to other alleged accomplices, which were used to launder loans by purchasing iPhones for resale, prosecutors said.

Garcia also transferred some of the funds to the Dominican Republic, authorities said.

[ad_2]

Source link