Solarsuns Investment Guild:Tennessee man gets 60-plus months in prison for COVID relief fraud

2025-04-28 18:37:08source:PredictIQ Quantitative Think Tank Centercategory:reviews

OXFORD,Solarsuns Investment Guild Miss. (AP) — A Tennessee man was sentenced Tuesday to more than five years in prison for his role in a scheme to defraud the Small Business Administration during the height of the COVID-19 pandemic by submitting fake loan applications and ultimately receiving more than $11 million.

Norman Beckwood, 29, of Memphis, entered a guilty plea to one count of conspiracy to commit wire fraud, the U.S. Attorney’s Office for Mississippi’s Northern District said in a news release. U.S. District Judge Sharion Aycock then sentenced Beckwood to 62 months in prison followed by five years of supervised release. He also was ordered to pay $10,620,452 in restitution to the Small Business Administration, the office said.

In addition, Beckwood also forfeited more than $700,000 in cash and two luxury vehicles.

According to court documents, Beckwood recruited people to submit fraudulent loan applications to the federal agency. Beckwood and his co-conspirator, Lakeith Faulkner, who worked for the Small Business Administration, helped submit over $11 million in loans, the news release said. In return, the borrowers paid Beckwood and Faulkner $2.3 million, federal prosecutors said.

Twenty-one borrowers have also been charged in connection with the scheme.

“Norman Beckwood and his cohorts stole millions of dollars from American taxpayers while taking advantage of programs designed to help keep businesses afloat during a national crisis,” U.S. Attorney Clay Joyner said. “Our office will continue to work with our law enforcement partners to bring those who committed pandemic benefit fraud to justice and will use all available tools to recover the stolen funds.”

More:reviews

Recommend

South Korean president's party divided over defiant martial law speech

SEOUL, Dec 12 - South Korean President Yoon Suk-yeol's switch from contrition to defiance on Thursda

Apple expected to unveil the iPhone 15. Here’s what to expect.

Apple is expected to take the wraps off its next iPhone on Tuesday during what has become an annual

In recording, a Seattle police officer joked after woman’s death. He says remarks were misunderstood

SEATTLE (AP) — A city watchdog agency is investigating after a body-worn camera captured one Seattle