Man Pleads Guilty To Wire Fraud In Fraudulent PPP Loan Scheme. one Man Was Arrested And A Second Man Was Charged In The Case Of The Alleged Fraud.

2/23/2023 by Brian Hamachek

Malcom Andre Jones, a 31 year-old from Broken Arrow, Oklahoma, has pleaded guilty to wire fraud in U.S. Federal Court. Jones applied for a Paycheck Protection Program Loan from the Small Business Administration in March 2021, with the intent of using the loan for his landscaping business. However, according to U.S. Attorney Clint Johnson, Jones falsified his loan application and instead used the $20,665 he received from the SBA to pay bills and purchase items like a couch and a car. Jones was granted loan forgiveness. The investigation was conducted by the Board of Governors of the Federal Reserve System, Bureau of Consumer Financial Protection Office of Inspector General, and the Small Business Administration Office of Inspector General.

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