NY Man Cops To $2.2M PPP Fraud, Personal Spending Spree
By Ivan Moreno (October 26, 2021, 2:35 PM EDT) -- A New York man who got $2.2 million in fraudulent Paycheck Protection Program loans and allegedly used the money for personal expenses like luxury hotels, restaurants and $17,000 worth of Uber rides pled guilty to two counts of wire fraud in federal court Monday.
Prosecutors said in charging documents that Marcus Frazier, 48, created several phony businesses with names like "Frazier Consulting," "FPM Strategies" and "Frazier, Pringle & Myers" and applied for at least seven PPP loans from May 2020 to April 2021, seeking a total of more than $6.9 million. Frazier lied about payroll expenses and the number of employees...
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