An Oregon man has been sentenced to jail after being accused of stealing millions in COVID-19 relief loans and spending them on Tesla shares and 25 properties, federal officials said.
Andrew Aaron Lloyd, 51, of Lebanon, Oregon, was sentenced to four years in prison on wire fraud, bank fraud and money laundering on Jan.6, the Oregon district attorney’s office said in a press release.
In the span of 60 days in 2020, Lloyd applied for more than a dozen COVID-19 pandemic relief loans for struggling businesses, according to court documents.
He received more than $ 3.5 million after applying to the Paycheck Protection Program and Economic Disaster Loan Program with bogus claims, according to sentencing documents.
The money and securities seized from Lloyd’s account are now worth more than $ 18 million, according to the press release.
Prosecutors said in sentencing documents he used the money to buy 25 properties in Oregon and California, and bought titles through his brokerage account.
He bought more than 15,000 Tesla shares, which grew “exponentially,” prosecutors said.
On the claims, he included different businesses under the names of family members and business associates, according to sentencing documents. He also submitted IRS forms with fake salaries, incomes and the names of 56 to 64 employees who did not exist within these companies.
In addition to four years in prison, Lloyd was ordered to pay more than $ 4 million in restitution and to serve five years of supervised release.
An accomplice in the scheme has also been charged. Russell Anthony Schort, 39, of Myrtle Creek, Ore., Pleaded guilty to bank fraud on Nov. 16, according to the press release.