Secret Service Has Seized Over $1.4 Billion in Fraudulently Obtained Pandemic Loans

Contact Your Elected Officials
The Epoch Times Header

The U.S. Secret Service said on Aug. 26 that it had seized $286 million in fraudulently obtained pandemic loans, bringing the total amount of stolen funds recovered by the agency to $1.4 billion since the relief program was rolled out in 2020.

The Secret Service said in a statement that it had returned the $286 million to the Small Business Administration (SBA), the federal agency responsible for distributing relief funds under various programs enacted at the height of the pandemic.

All the funds in question were stolen by criminals who fraudulently submitted applications under the Economic Injury Disaster Loan (EIDL) scheme. The program, which ended several months ago, was meant to help small businesses recover from the economic impact of the COVID-19 outbreak.

The SBAโ€™s Office of the Inspector General has estimated that at least $80 billion distributed from the $400 billion EIDL program may have been fraudulent, much of it by way of stolen identity scams.

The Secret Service said the latest seizure brings the total amount of fraudulently obtained pandemic relief funds seized by the Secret Service to $1.4 billion.

The investigation that netted the $286 million in stolen funds was initiated by a Secret Service field office in Orlando, Florida. In the course of the probe, agents from the Orlando office found that fraudsters used a third-party payment system called Green Dot Bank (GDB) to try and hide their criminal activity.

โ€œWorking with GDB, the Secret Service was able to identify over 15,000 accounts used in the conspiracy and seize the $286 million contained in these fraudulent accounts,โ€ the agency said in the statement.

Criminals used fabricated or stolen employment and personal information when submitting the EIDL applications.

Byย Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of โ€œleft and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husbandโ€™s assassination, vowing to continue his mission and grow Turning Point USA.

Both Left and Right Are Making Lists

The right admired Charlie Kirk for his faith and patriotism, while the left opposed him for dismantling their positions and narratives with ease.

Redemptionโ€™s playbook: The Senior

The Senior isnโ€™t your usual underdog tale, itโ€™s real, itโ€™s raw, and it flips every clichรฉ on its head with a playbook full of grit and plenty of aftermaths.

FBI Investigating โ€˜A Lot Moreโ€™ Than 20 People in Chats With Suspect in Charlie Kirk Assassination, Patel Says

FBI Director Kash Patel said the Charlie Kirk assassination probe has widened, with over 20 people linked to the suspect now under investigation.

California Housing Bill Squeaks Through Legislature in Tight Vote

California lawmakers approved a plan to allow more apartments near transit stops, bypassing local rules to fight high housing costs and shortages.

Trump Praises Bondi, Patel Over Response to Assassination of Charlie Kirk

President Trump lauded AG Pam Bondi and FBI Director Kash Patel for their handling of the investigation into the assassination of Charlie Kirk.

FBIโ€™s Patel Confirms 1,700 Domestic Terrorism Cases Being Investigated

FBI Director Kash Patel confirmed the bureau is investigating more than 1,700 domestic terrorism cases, while speaking before the Senate Judiciary Committee.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trumpโ€™s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.
spot_img

Related Articles