Department of Justice: Three men guilty for their roles in multimillion-dollar COVID-relief fraud conspiracy

Department of Justice: Three men guilty for their roles in multimillion-dollar COVID-relief fraud conspiracy. “Three individuals have admitted to their participation in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program (PPP) loans. The Small Business Administration (SBA) guarantees PPP loans under the Coronavirus Aid, Relief, and Economic Security Act. Richard Reuth, 58, Spring, entered his plea today, while Raheel Malik, 41, Sugar Land, and Siddiq Azeemuddin, 42, Naperville, Illinois, pleaded guilty yesterday. During their respective pleas, they admitted to engaging in a conspiracy to defraud the SBA and certain SBA-approved PPP lenders by submitting false and fraudulent PPP loan applications. Azeemuddin and Malik also conspired to launder over $3 million in PPP loan funds through Azeemuddin’s business, Fascare International Inc. dba Almeda Discount Store.”

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