2 Florida men guilty of running $35 million Covid-19 fraud scheme

Two South Florida men have pleaded guilty in Ohio to leading a nationwide scheme to fraudulently obtain more than $35 million in COVID-19 relief loans

Two South Florida men have pleaded guilty in Ohio to leading a nationwide scheme to fraudulently obtain more than $35 million in COVID-19 relief loans.James Stote, 55, of Hollywood, Florida, and Phillip Augustin, 52, of Coral Springs, Florida, pleaded guilty Tuesday in Akron, Ohio, federal court to conspiracy to commit wire fraud, according to court records. They each face up to 20 years in prison.

While many businesses in our communities relied upon relief funds to keep their doors open and employees paid, these defendants profited off a scheme that stole millions of taxpayer dollars intended for struggling businesses and spent it lavishly on themselves, First Assistant U.S. Attorney Michelle M. Baeppler for the Northern District of Ohio said in a statement.

According to court documents, Stote and Augustin led a group that fraudulently obtained Paycheck Protection Program loans guaranteed by the Small Business Administration under the Coronavirus Aid, Relief and Economic Security Act. Authoriteis say they initially obtained a fraudulent loan for Augustin’s company, Clear Vision Music Group LLC, using falsified documents. After that, they immediately began working to obtain larger PPP loans for themselves and their associates, the documents added.

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