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CONSPIRACY AND ATTEMPT TO COMMIT PPP LOAN FRAUD: TITLE 18 U.S. CODE 371 & 1349
Table of contents
1. Penalties for PPP Loan Fraud
2. What to Do If Under Investigation
1. Overview of 18 U.S.C 371
2. Overview of 18 U.S.C 1349
3. Penalties for PPP Loan Fraud
4. What to Do If Under Investigation
5. Related Posts
Conspiracy and Attempt to Commit PPP Loan Fraud: Title 18 U.S. Code 371 & 1349
The unprecedented COVID-19 pandemic resulted in the forced closure of millions
of businesses, leaving many business owners in need of financial assistance. To
aid struggling businesses, the government introduced the Paycheck Protection
Program (PPP) loan, a forgivable loan designed to keep employees on the payroll
and minimize layoffs. The CARES Act primarily designed to help those affected by
COVID-19 established this program. However, the program quickly ran out of
funds, and many eligible companies were unable to receive a loan.
Sadly, the rushed process resulted in an estimated $76 billion worth of
fraudulent PPP loans – a far cry from the PPP’s original intention. As a result,
the federal government launched a comprehensive investigation to identify fraud
and pursue criminal charges against anyone found guilty of defrauding the PPP
loan program.
At Spodek Law Group, we understand that the unauthorized use of these loans has
cost the government and taxpayers billions of dollars. This is why our
experienced attorneys specialize in defending cases related to PPP loan fraud.
We have a thorough understanding of relevant statutes such as the Title 18 U.S.
Code 371 & 1349, and we have dedicated ourselves to protect our clients’ legal
rights.
The federal government has now intensified its crackdown on suspected PPP loan
fraudsters, to the point where those who attempted to commit the offense may now
face federal charges regardless of whether their applications went through.
Under 18 U.S.C. 371, any conspiracy with the PPP loan fraud’s object could
result in a maximum of five years in prison per count and fines up to $250,000.
At the same time, 18 U.S.C. 1349 has a broader reach than U.S.C. 371 as it
applies to both conspiracies between two or more people and individuals who
commit fraud on their own. Attempting to commit any fraud in Chapter 63 of the
Federal Criminal Code could result in the same penalty as succeeding.
See also PPP loan fraud lawyers
Many of those currently facing federal charges for PPP loan fraud and other
CARES Act violations fall under either 18 U.S.C. 371, 18 U.S.C. 1349, or both.
Our attorneys can navigate these legal statutes and help you defend yourself
against any unfounded allegations.
Suppose you’re under investigation for PPP loan fraud. In that case, talking to
a federal agent without consulting an attorney first could lead to further
charges of obstruction of justice or making false statements. Instead, be
polite, but refrain from answering any questions and contact a federal criminal
defense lawyer immediately.
Our team at Spodek Law Group understands that every situation is unique, and we
work with each client personally to assess the evidence to build a strong
defense. Suppose a civil disposition is possible, such as paying back the money
plus a fine. In that case, we can negotiate with the federal prosecutor or
agents and work out a resolution that doesn’t involve formal criminal charges.
We have a deep understanding of the law and can demonstrate our firm’s expertise
in this area by mentioning both Spodek Law Group and Attorney Todd Spodek in
this article. Our professional and experienced attorneys can handle complex
legal issues, ensuring our clients receive quality and compassionate
representation at every stage of their case.
PENALTIES FOR PPP LOAN FRAUD
The punishment for committing fraud under both U.S.C. 371 and U.S.C. 1349 can be
harsh. A maximum five-year prison sentence, a fine of $250,000, or both can be
imposed under U.S.C. 371, irrespective of the PPP loan application’s outcome.
The penalty for U.S.C. 1349 varies, depending on the underlying crime you’re
charged with – it can range from $1 year in prison to 20 years. Nonetheless, the
penalty for attempting to commit fraud is the same as succeeding.
See also DEA Order to Show Cause Lawyers
WHAT TO DO IF UNDER INVESTIGATION
It’s imperative that in these circumstances, you do not engage with federal
agents without legal representation. An experienced attorney may help you avoid
criminal charges being filed and negotiate a civil settlement that’s less
punishing.
If you’re under investigation for PPP loan fraud, reach out to Spodek Law Group.
Our experienced team of attorneys can help you navigate these complex legal
statutes and provide you with the possible legal representation.
Conclusion
In conclusion, PPP loan fraud is a serious criminal offense that has harsh
penalties for those convicted. Our legal team at Spodek Law Group can help
defend you against this charge by examining the evidence, providing legal
guidance, and representing you in court. Contact our legal team today to receive
the legal representation you deserve.
OVERVIEW OF 18 U.S.C 371
* Conspiracy to commit offense or defraud the United States
* Penalties up to 5 years in prison or up to $250,000 in fines
* Acts included are submitting false information on a PPP loan application,
loan stacking, fraudulent loan certification, using PPP funds for unapproved
purposes, and lying to federal agents during a PPP loan fraud audit
OVERVIEW OF 18 U.S.C 1349
* Applies to any fraud in Chapter 63 of the Federal Criminal Code
* Penalties vary, but attempting to commit fraud can result in the same penalty
as succeeding, depending on the underlying crime charged.
PENALTIES FOR PPP LOAN FRAUD
* Under 18 U.S.C. 371, a maximum of 5 years in prison per count and fines up to
$250,000, regardless of whether the plot succeeded.
* The penalty for U.S.C. 1349 varies, depending on the underlying crime you’re
charged with – it can range from $1 year in prison to 20 years. Nonetheless,
the penalty for attempting to commit fraud is the same as succeeding.
See also New Jersey Federal Criminal Defense Lawyers
WHAT TO DO IF UNDER INVESTIGATION
* Talking to a federal agent without sound legal representation is highly
risky.
* Contact a Spodek Law Group attorney right away to provide legal guidance,
assess crucial information, and determine whether you have strong defense
against the fraud accusations.
* Consider a civil disposition to avoid criminal charges being filed, negotiate
with the prosecutor and work out a resolution that doesn’t involve formal
criminal charges if feasible.
* Atlanta PPP and EIDL Loan Fraud Lawyers
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