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Government & Regulations


MANHATTAN MAN ARRESTED IN $5.8M PLOT TO DEFRAUD COVID SMALL-BUSINESS LOAN
PROGRAM

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"These charges represent blatant falsehoods, fraud, and other criminal conduct
that sought to take advantage of tax dollars meant to help the nation recover
from the ongoing pandemic," prosecutors allege.

Creatas


IN THIS ARTICLE

 * Marcus Frazier Person
 * Patricia Tarasca Person
   
   
   


 * 




By Ben Miller
 –  Staff Reporter,
Apr 29, 2021

He allegedly used the funds on personal expenses, including stays at luxury
hotels, air travel, restaurants and clothing.



A Manhattan man was arrested Wednesday for allegedly plotting to defraud a
Covid-19 small-business loan program out of nearly $6 million.

Marcus Frazier, 47, of New York applied for $5.8 million in Covid-relief loans
that were guaranteed by the Small Business Administration, and he was awarded
nearly $2.2 million, prosecutors said.

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Instead of using the money to assist his businesses, he allegedly used the funds
instead on personal expenses, including stays at luxury hotels, air travel,
restaurants and clothing, according to the government.

The government alleges that in order to obtain the loans, Frazier lied about the
number of people he employed and filed fake bank statements.

"These fake bank statements included, among other things, fraudulent account
statements for a checking account that showed balances far greater than the
account actually held, and depicted payroll withdrawals that never occurred.
Frazier also submitted lists of employees on the purported payrolls of the
Frazier Companies, which included names and Social Security numbers that do not
match the records of the Social Security Administration," the government said.

Frazier was charged on seven counts, with the most serious being bank fraud,
wire fraud and making false statements to a bank. Each have a maximum sentence
of 30 years in jail.

"These charges represent blatant falsehoods, fraud, and other criminal conduct
that sought to take advantage of tax dollars meant to help the nation recover
from the ongoing pandemic," said Patricia Tarasca, special agent in charge of
the New York region office of the Inspector General of the Federal Deposit
Insurance Corporation, in a statement.


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