The U.S. has charged an investor after he obtained two loans worth over $1.1 million from the Paycheck Protection Program (PPP) intended for covid-19 relief and used some of the money to invest in cryptocurrency. He was taken into custody on allegations he fraudulently obtained the loans.

Crypto Investor Charged

The U.S. Department of Justice (DOJ) announced Tuesday that Joshua Thomas Argires of Houston, Texas, has been charged with covid-19 relief loan fraud. The 29-year-old obtained loans from the Trump administration’s coronavirus relief aid program and used some of it to invest in cryptocurrency, the DOJ explained.

According to acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney Ryan K. Patrick for the Southern District of Texas, Argires “was taken into custody on allegations he fraudulently obtained more than $1.1 million in Paycheck Protection Program (PPP) loans.” He allegedly made “false statements to a financial institution, wire fraud, bank fraud and engaging…

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Source: https://news.bitcoin.com/investor-charged-covid-19-relief-loan-trade-cryptocurrency/