July 27, 2023
A Manhattan federal judge sentenced a financier to 4½ years in prison Thursday for lying to obtain $932 million of COVID-19 emergency loan capital from the government and from an insurer controlled by Magic Johnson, in a lending fraud that earned him over $71 million in fees.
July 06, 2023
New York federal prosecutors are seeking a five-year prison sentence for a man who pled guilty to lying on applications to become a nonbank lender for the Paycheck Protection Program and fraudulently obtaining $100 million from a Magic Johnson-controlled insurance company.
March 23, 2023
The CEO of a financial management company pled guilty Thursday to using misrepresentations to become a lender in the COVID-19-era Paycheck Protection Program, fraudulently obtaining $100 million from a Magic Johnson-controlled insurance company and using it to borrow $832 million more from the government.
February 17, 2023
A New York federal judge on Friday declined to narrow the prosecution of the CEO of MBE Capital Partners, who is accused of conning his way into obtaining $932 million in capital from Magic Johnson's life insurance company and the Federal Reserve to fund Paycheck Protection Program loans, leaving the case intact for a May trial.