PHOENIX (AZFamily) — A Phoenix man who admitted to submitting false functions to obtain greater than $1 million in federal Paycheck Protection Program loans has been sentenced to jail.
Jamar Johnson, 54, pleaded responsible to wire fraud and can spend 15 months behind bars, adopted by three years of probation.
Johnson submitted functions stating that his firm had 73 staff and greater than $4.8 million in payroll bills, regardless that the corporate had zero staff and 0 payroll bills.
Johnson obtained $1,007,650 by way of two loans and used the funds to purchase cryptocurrency, a automotive, and cosmetic dentistry, prosecutors stated. He should now repay greater than $1 million to the Small Enterprise Administration as a part of his sentence.
PPP loans had been meant to supply emergency monetary support to small companies in the course of the COVID-19 pandemic.
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