Broken Arrow Man, Rafael Maturino Pleads Guilty to Fraudulently Applying for Paycheck Protection Program Forgivable Loan
(STL.News) A Broken Arrow man pleaded guilty for fraudulently applying for a Paycheck Protection Program forgivable loan guaranteed by the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, announced Acting U.S. Attorney Clint Johnson.
Rafael Maturino, 40, of Broken Arrow, pleaded guilty to bank fraud after executing a scheme to defraud First Bank of Owasso when applying for a Paycheck Protection Program loan under false pretenses on April 28, 2020. As part of the plea, the United States and Maturino agreed to a sentence of 12 months and one day of imprisonment and restitution in the amount of $97,800 to be paid to First Bank of Owasso. U.S. District Judge Claire V. Eagan will make the final sentencing determination at a hearing set for June 1, 2021.
“Small businesses employ millions of Americans and are the backbone of our communities. The Paycheck Protection Program is designed to assist legitimate small business owners keep their doors open and Americans employed during the current pandemic,” said Acting U.S. Attorney Clint Johnson. “This office along with the Federal Reserve Board Office of Inspector General, Small Business Administration Office of Inspector General, and the FBI will continue to bring fraudsters, like Maturino, to justice.”
Maturino applied for a Paycheck Protection Program loan on behalf of a company he claimed to own and operate, Maturino Enterprises, Inc.