Day Trader Who Used PPP Money to Buy Tesla Stock Is Thrown in Prison

[babylonsister]

https://www.thedailybeast.com/andrew-aaron-lloyd-oregon-fraudster-who-used-ppp-covid-loans-to-buy-tesla-stock-gets-4-years-prison?ref=home

Day Trader Who Used PPP Money to Buy Tesla Stock Is Thrown in Prison
‘DUMB LUCK’
Rachel Olding
Breaking News Editor
Published Jan. 07, 2022 8:44AM ET

An Oregon man who lied his way into getting $3.4 million in federal COVID relief funds, before pouring it into Tesla stock, has been sent to prison for four years. Andrew Aaron Lloyd, 51, was granted forgivable Paycheck Protection Program loans when he falsely said he employed hundreds of people in various home care, shopping, and construction businesses. Through “sheer dumb luck,” he transferred $1.8 million of the windfall to a brokerage account that purchased Tesla stock that soared in value to $13 million, prosecutors said. Along the way, he purchased 25 rental properties in Oregon and California valued at $5 million. However, his nine loan applications included identical employee information for different businesses, raising the suspicion of the IRS, FBI, and Small Business Administration. The feds have since seized $18 million in securities and cash from Lloyd’s accounts and, in addition to his prison sentence, he has been ordered to pay $4 million in restitution.

[MagickMuffin]

1. Good his sentence isn't nearly as long as it should be

I knew this was going to happen. Grifters came out in droves and I sincerely hope everyone is caught and serves time behind metal bars for life. That's the sentence I'd be giving them, as there are people serving longer sentences for lesser crimes.

[LoisB]

2. Totally agree.

[Effete Snob]

3. Hopefully, they put away that dreadful Allison Baver next

https://news.yahoo.com/former-olympic-speed-skater-allison-171717451.html

Former Olympic speed skater Allison Baver charged with falsely obtaining funds for Elijah Wood film

A federal grand jury in Salt Lake City indicted Baver on nine counts of fraud on Dec. 15 for allegedly claiming that her company, Allison Baver Entertainment, had over 400 employees and a monthly $4 million payroll in a Paycheck Protection Program application, a pandemic loan program to help certain businesses pay employees and other expenses.

According to court documents obtained by Fox13, Baver filed several applications in April 2020 for the loans for the entertainment company, but prosecutors said Allison Baver Entertainment had no employees and no monthly payroll.

[MagickMuffin]

4. had over 400 employees and a monthly $4 million payroll

my my Allison I don't think this is something you can skate away from no matter how fast you can skate!

[jmowreader]

6. How do I get a job with Allison Baver Entertainment?

I'd be happy to work for $10,000 per month.

[Budi]

5. WOW. Who was the Brokerage Firm that accepted that $$$?

The Brokers who accept that chunk of $$$ are supposed to verify those big deposits and there's a good chance his bank or the firm could face fines.

Anyone know the name of the Broker?

[Hortensis]

7. Good. Tip of iceberg no doubt. Reminds me of one of JHB's cartoons

today showing a greeting card that says "You're not getting older, you're just getting more subpoenable."



LOTTA money to recover and crooks to jail.