PHILADELPHIA (KYW Newsradio) — A Philadelphia man has been charged with bank fraud and money laundering for his involvement in a scheme to steal nearly $200,000 from the federal Paycheck Protection Program (PPP).
PPP loans were given to small businesses so they could stay afloat during the coronavirus pandemic.
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According to the U.S. Attorney’s Office for the Eastern District of Pennsylvania, 43-year-old Omar White Oliver fraudulently obtained $186,750 in PPP loan funds for his alleged real estate business, named Oliver Twist Real Estate, LLC.
The indictment says Oliver misrepresented the number of employees, their wages and subsequent payroll taxes, and the intended use of the loan.
Authorities say Oliver used the PPP loan for personal expenses, including buying a luxury car and paying an American Express platinum card bill.
Oliver submitted a second PPP loan application in early 2021, but it was denied.
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