Manvel resident charged with creating fake businesses to obtain COVID-19 funding
MANVEL, Texas - A 38-year-old man has been indicted on charges of wire fraud and money laundering, according to U.S. Attorney Alamdar S. Hamdani.
According to a release, Antonio Jackson, Jr. was arrested on Monday morning.
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Jackson fraudulently obtained over $492,000 in funds through the Small Business Administration's Payroll Protection Program and Economic Injury Disaster Loan Program, the indictment stated.
According to the indictment, Jackson submitted false information and documents to the SBA to fraudulently obtain COVID-19 related loans. In his loan applications, Jackson allegedly claimed to be the owner and operator of multiple businesses with dozens of employees and millions in revenue and payroll expenses.
The charges allege the businesses were fictional. Jackson is alleged to have submitted fabricated payroll records, profit and loss statements as well as tax records to induce the SBA to approve the loans.
According to the release, Jackson allegedly used the fraudulently obtained funds to purchase luxury retail goods, exotic trips and luxury vehicles.
Jackson is charged with four counts of wire fraud and four counts of money laundering. If convicted, he faces up to 20 years in prison and a possible $250,000 maximum fine.