Fla. Man Admits Faking 21 Virus Loan Applications

By Ivan Moreno (October 14, 2021, 6:00 PM EDT) -- A Florida man who received nearly $4.7 million in Paycheck Protection Program loans by lying about his purported businesses in nearly two dozen applications pled guilty Wednesday in New Jersey federal court to wire fraud and money laundering.

Gregory J. Blotnick, 34, admitted to prosecutors that he submitted 21 applications to 13 lenders on behalf of nine businesses intending to get nearly $7 million, according to the agreement dated in July but filed in New Jersey District Court on Wednesday. Blotnick transferred about $3 million in loans to his brokerage account, eventually losing it all on the stock market, prosecutors said....

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