Man pleads guilty to misusing pandemic relief business loan

A Mississippi gentleman pleaded responsible Monday to a federal wire fraud charge for misusing additional than $6 million in business loans via a pandemic aid software, prosecutors explained.

Instead than use the revenue for his organizations, Christopher Paul Lick admitted using it for private investments in the inventory current market and obtaining a household valued at extra than $1 million, according to a news release from Clay Joyner, the U.S. legal professional for northern Mississippi.

Lick, 47, of Starkville, submitted fraudulent personal loan applications to financial institutions that had been offering loans as component of the Paycheck Security Plan, according to court records.

The information show Lick owned and managed four organizations, like Aspen River Candle Co., primarily based in Columbus, Mississippi. Joyner claimed Lick admitted overstating the quantity of staff members and payroll expenditures to get revenue.

Paycheck Security Software financial loans were being assured by the Tiny Small business Administration below the federal Coronavirus Aid, Relief and Financial Safety Act.

“The CARES Act personal loan plans had been intended to assistance smaller corporations and family members having difficulties to endure for the duration of a tough pandemic,” Joyner explained. “Unfortunately, far as well many men and women like the defendant abused these systems for their own private gain.”

Lick entered the responsible plea on the working day he experienced at the time been scheduled to go on demo. He faces up to 30 many years in prison, with sentencing set for Aug. 12 just before Senior U.S. District Judge Glen Davidson.