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Man gets COVID relief loans, spends on Tesla shares: feds

Federal prosecutors said a 51-year-old man was sentenced to four years in prison on charges of fraud, bank fraud and money laundering on January 6, 2022. He is accused of receiving fraudulent loans for relief from the COVID-19 pandemic in 2020.

Federal prosecutors said a 51-year-old man was sentenced to four years in prison on charges of fraud, bank fraud and money laundering on January 6, 2022. He is accused of receiving fraudulent loans for relief from the COVID-19 pandemic in 2020.

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Federal officials say an Oregon man has been sentenced to prison after being accused of stealing millions in COVID-19 relief loans and spending them on Tesla stocks and 25 properties.

Andrew Aaron Lloyd, 51, of Lebanon, Oregon, sentenced to four years in prison The U.S. Attorney’s Office for the District of Oregon said in a press release that the charges for electronic fraud, bank fraud and money laundering were filed on January 6.

Court documents show that in a 60-day period in 2020, Lloyd applied for more than a dozen COVID-19 pandemic relief loans intended for distressed businesses.

Judgment documents show he made more than $3.5 million after applying to the Paycheck Protection Program and the Economic Disaster Loan Program with fake applications.

The news release states that the seized cash and securities from Lloyd’s account are now worth more than $18 million.

Prosecutors said in sentencing documents that he used the money to purchase 25 properties in Oregon and California, and purchased securities through his brokerage account.

Prosecutors said he bought more than 15,000 shares in Tesla, which increased “significantly.”

Judgment documents show that in the applications, he included various companies under the names of family members and business partners. He also submitted IRS forms with false wages and earnings and the names of 56 to 64 employees who were not inside those companies.

In addition to four years in prison, Lloyd was ordered to pay more than $4 million in compensation and serve five years of supervised release.

An accomplice in the scheme was also charged. Russell Anthony Short, 39, of Myrtle Creek, Oregon, pleaded guilty to bank fraud on November 16, according to the press release.

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Helena Wegener is McClatchy’s national real-time reporter covering Washington State and the Western Region. She graduated in Journalism from Walter Cronkite School of Journalism and Mass Communication at Arizona State University. Lives in Phoenix.

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