Donald Trump's feast for fraudsters ... Watchdog sees massive potential loan fraud at SBA, sparking fight with agency

Squire

Active member
There is no doubt that Donald Trump, Ivanka Trump, Jared Kushner, and Eric and Donald Jr. feasted on the free money.

This is going to unravel in the faces of Trump, his family, and associates after Trump is frog-marched to his destiny in January 2021.

What a monstrous example of corruption at the end of Trump's tenure.

  1. "$58 billion disbursed in multiple loans to businesses that used the same IP addresses, email addresses, bank accounts or the same physical addresses.
  2. About $13.4 billion went into accounts that differed from those listed on initial loan applications ...
  3. ... $450 million in 15,000 fraudulent loans that has already been seized, as well as;
  4. the agency's decision to fire employees and contractors involved in approving loans to themselves or inappropriately influencing loan approval."
That's just the obvious fraud. Others will be discovered, including those of GOP lawmakers who stuck their snouts in the trough.

https://www.politico.com/news/2020/10/28/watchdog-small-business-loan-fraud-433452

Watchdog sees massive potential loan fraud at SBA, sparking fight with agency

SBA's inspector general raised red flags about more than $78 billion in aid approved for businesses under the agency's Economic Injury Disaster Loan program.

By ZACHARY WARMBRODT

10/28/2020 06:15 PM EDT

A federal watchdog on Wednesday said the Small Business Administration has potentially approved billions of dollars of inappropriate disaster aid loans during the pandemic, triggering a forceful defense from the head of the agency.

The SBA's inspector general in a new report raised red flags about more than $78 billion in aid approved for businesses under the agency's Economic Injury Disaster Loan program — about 37 percent of the total amount doled out — and warned that billions might have been fraudulently obtained or directed to ineligible businesses.


Inspector General Hannibal "Mike" Ware said in the report that the SBA "lowered the guardrails" as it tried to expedite aid to businesses, resulting in lax oversight. Investigators cited $58 billion disbursed in multiple loans to businesses that used the same IP addresses, email addresses, bank accounts or the same physical addresses. About $13.4 billion went into accounts that differed from those listed on initial loan applications. ...
 
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