The U.S. Secret Service recovered $286 million in fraudulently obtained pandemic funds to the Small Business Administration, Friday, Aug. 26.
WASHINGTON (AP) — The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration.
The Secret Service said an investigation initiated by its Orlando office found that alleged conspirators submitted Economic Injury Disaster Loan applications by using fake or stolen employment and personal information and used an online bank, Green Dot, to conceal and move their criminal proceeds.
Billions have been fraudulently claimed through various pandemic relief programs — including Paycheck Protection Program loans, unemployment insurance and others that were rolled out in the midst of the worldwide pandemic that shutdown global economies for months.
Since 2020, the Secret Service initiated more than 3,850 pandemic related fraud investigations, seized over $1.4 billion in fraudulently obtained funds and helped to return $2.3 billion to state unemployment insurance programs.
The latest seizure included a collaboration of efforts between Secret Service, the SBA’s Inspector General, DOJ and other offices. »