Business Executive Charged With $1m PPP Fraud
Written by Megan Drescher on 6/16/2021
According to the Philadelphia Business Journal, the owner of a Philadelphia construction company is facing fraud charges for allegedly falsifying information on a Paycheck Protection Program loan application in order to obtain nearly $1 million, which he used to purchase a variety of big-ticket items, including a new house in Florida.
Devron Brown, 50, of Philadelphia, was detained and charged on Tuesday with two charges of bank fraud and nine counts of money laundering, according to the United States Attorney's Office for the Eastern District of Pennsylvania.
According to the indictment, Brown secured $937,500 in PPP funding in June 2020 through an application that included fraudulent statements about his construction company, Just Us Construction Inc. Brown allegedly falsified the Philadelphia company's staff count and earnings, payroll taxes paid on wages, and planned purpose of the loan, among other things.