A Somerset County man was sentenced to 46 months in prison Nov. 30 stemming from a $1.6 million COVID-19 loan fraud scheme.
Jordan Larkins previously pleaded guilty to one count of wire fraud, one count of bank fraud and one count of money laundering for fraudulently obtaining the Payroll Protection Program (PPP) and Economic Insurance Disaster Loan (EIDL) funds.
According to court documents and statements, from May 2020 through July 2020, Larkins perpetrated a scheme to defraud PPP loans and the Small Business Administration (SBA) by submitting three fraudulent loan applications to three different lenders and 11 fraudulent EIDL applications to SBA.
“The fraudulent applications resulted in a total loss of $1.64 million to the lenders and the SBA. Larkins misused the funds by, among other things, transferring funds to a foreign bank and paying various personal expenses,” according to the court filings released in a statement by the U.S. Attorney’s Office District of New Jersey.
In addition to the prison time, Quraishi sentenced Larkins to three years of supervised release and ordered restitution in the amount of $1.64 million.
