MA male to plead guilty to COVID relief fraud

A Massachusetts person has agreed to plead responsible to fraudulently getting about $1.2 million in federal loans intended to assistance businesses battling mainly because of the COVID-19 pandemic.

James Joseph Cohen, 59, of Wenham, involving April 2020 and September 2021 submitted 6 false applications in which he overstated the earnings, the amount of workforce, and the payroll for two companies he managed, in accordance to federal prosecutors.

In just one situation, he said a business experienced $2.8 million in yearly revenues, when it no revenues at all, according to court docket documents.

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He utilised the income to shell out own and company financial loans, like for a home finance loan, car or truck payments, tuition, and to a Maine vacation resort, according to legislation enforcement, which were being not permitted less than bank loan rules.

A Massachusetts person has agreed to plead responsible to COVID-19 fraud expenses

A day at which he will plead responsible to bank fraud has not nonetheless been scheduled.

Cohen's federal community defender claimed he had no comment.

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Whilst he could experience a sentence of up to 30 yrs in jail on a bank fraud demand, the protection and prosecution has agreed to a sentence of 12 months of probation and full restitution of almost $1.2 million, according to court files.