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.

The Sacred Honor of the 56

Today we're celebrating the sacred honor of the 56 men who signed the Declaration of Independence.

Alligator Alcatraz: A Bold Step Toward Secure Borders

Alligator Alcatraz funded through FEMA, represents a decisive move by the Trump admin to address illegal immigration with efficiency and resolve.

Is America Broke?

Silicon Valley investor and economic commentator Balaji Srinivasan made...

Hungary: Prideโ„ข Cometh Before the Color Revolution

The EU engaged in a diplomatic siege of the Eastern European nation-state of Hungary pressuring it into embrace global trannyism or face wrath of Brussels.

Understanding the Trump/Musk Feud

The passion Trump and Musk exhibit over the OBBB is not contrived or for show. Each is addressing the problem from completely different approaches.

Federal Reserve Rates Are Too High, Says Former World Bank Chief

Rates should be between 0.25 and 1.75 percent rather...

Noem Waives Environmental Restrictions to Fast-Track Water Barriers in Rio Grande

DHS Sec Kristi Noem waived federal environmental laws to fast-track construction of 17 miles of waterborne barriers in the Rio Grande in South Texas.

Federal Officials Warn of โ€˜Lone Wolfโ€™ Terror Threats on July 4, NY Governor Says

NY Gov. Kathy Hochul confirmed that federal officials informed her about a possible terrorist threat ahead of the July 4 Independence Day holiday.

Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds

The share of new car buyers committing to make monthly payments of $1,000 or more hit an โ€œall-time highโ€ in the second quarter of 2025.

US Keeps Pressure on Chinese Goods Amid Vietnam Trade Deal

Transshippingโ€”rerouting goods through a third country to disguise the origin of the productsโ€”is a focal point of trade negotiations with Asian markets.

White House Report Reveals Top Earners, Staffers Working for No Salary

The Trump admin released its yearly report that shows the salaries for White House staffers, also revealing officials who arenโ€™t accepting salaries at all.

Transportation Secretary Urges Governors to Remove Political Messages From Crosswalks, Intersections

Duffy sent letters to governors, mayor of D.C., and gov of Puerto Rico urging them to remove political messaging from intersections and crosswalks.

Bessent: US, India Near Agreement to Lower Tariffs

The United States and India are โ€œvery closeโ€ to a trade agreement, Treasury Secretary Scott Bessent said on Tuesday.
spot_img

Related Articles