Pewaukee, Thomas Smith Pleads Guilty to one count of bank fraud
(STL.News) A Wisconsin man pleaded guilty today for his role in fraudulently obtaining over $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division, Acting U.S. Attorney Richard G. Frohling of the Eastern District of Wisconsin, Special Agent in Charge Sharon Johnson of the Small Business Administration’s Office of Inspector General (SBA-OIG) Central Region, Special Agent in Charge Robert E. Hughes of the FBI’s Milwaukee Field Office, Special Agent in Charge John Crawford of the Federal Deposit Insurance Corporation OIG (FDIC-OIG), and Acting Special Agent in Charge Tamera D. Cantu of the IRS Criminal Investigation (IRS-CI) Chicago Field Office made the announcement.
Thomas Smith, 46, of Pewaukee, pleaded guilty today to one count of bank fraud and is scheduled to be sentenced June 2.
As part of his guilty plea, Smith admitted that he fraudulently sought over $1.2 million in PPP loans through applications to an insured financial institution on behalf of eight different companies.