MA man to plead guilty to COVID relief fraud

A Massachusetts guy has agreed to plead guilty to fraudulently getting about $1.2 million in federal financial loans intended to support enterprises having difficulties due to the fact of the COVID-19 pandemic.

James Joseph Cohen, 59, of Wenham, involving April 2020 and September 2021 submitted six untrue programs in which he overstated the earnings, the range of employees, and the payroll for two providers he controlled, in accordance to federal prosecutors.

In 1 case, he claimed a corporation experienced $2.8 million in once-a-year revenues, when it no revenues at all, in accordance to court paperwork.

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He utilised the dollars to pay back particular and company loans, including for a property finance loan, car payments, tuition, and to a Maine vacation resort, in accordance to law enforcement, which had been not authorized below bank loan policies.

A Massachusetts guy has agreed to plead responsible to COVID-19 fraud charges

A date at which he will plead guilty to financial institution fraud has not nonetheless been scheduled.

Cohen’s federal public defender reported he experienced no comment.

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Despite the fact that he could face a sentence of up to 30 yrs in jail on a lender fraud charge, the defense and prosecution has agreed to a sentence of 12 months of probation and whole restitution of just about $1.2 million, according to courtroom files.