Hole up.. Mayne...stop that..shhhh..be quiet
Atlanta Reality Star charged with federal bank fraud for misusing PPP Funds
- Thread starter King_of_Posts
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Hole up.. Mayne...stop that..shhhh..be quiet
U absolutely right. I assumed he just proved for a higher amount.
two different things. the EIDL is different from the PPP
Pm me yo number....I see we do indeed speak the same language.. brah
But he’s the face of grift. That is all they wanted. My cousin cannot get any money for her hair salon but this clown can?
This shit is by design.
He was charged because he falsified documents to obtain a loan. If he had legitimately got the loan with real documents then there is not much the feds could have done other than ask for the money to be repaid
If I'm not mistaken they did say that no more than 25% of the amount lent can be used for non-payroll, mtg, utility expenses. He undoubtedly ran a game, but he did not even have the 8 weeks to show proof as to how the money was spent. Even if you used the money in a different way, it would just not be forgiven and convert to a regular loan. I'm pretty sure thats how I read it. He was stunting and one of his neighbors or baby mom's snitched and they pressed the issue. This thing smells funky though...
What I am saying is that if he had obtained the loan through real documents he would have been good. Not much they could have done other than ask for the money back
They got him for falsifying documents to obtain a loan. He was dumb for that.
Oh you mean if he didn't commit a crime they couldn't have charged him with committing a crime?
No shit you fucking genius.
Now that I think about it. You are right.
This dude is a drug dealer and the Feds were already watching him.
This dude is a drug dealer and the Feds were already watching him.
Homie, that was for employee retention. He is the only employee of his company.
Maybe not, any purchases over $10,000 flags the feds and he bought $85,000 in jewelry from the same account he cashed the check into. He owed $40,000 in child support and cashed it out. He did himself in.
Has nothing to do with flagging the IRS. He fucked up for falsifying documents to obtain a loan.
What probably got him caught was payroll taxes. If you have payroll then as a business you must pay Federal payroll taxes. They probably audited his payroll tax account and easily found the discrepancy.
They probably will cut him a deal and drop charges if he has no record so he should be good
That shit almost makes me feel like homie ain't never spent that kind of legit bread before. Like...how you don't know that kind of spending is gonna trip a few switches?
Just steady talking out your ass
Anything over 10K or even trying to get around the 10K limit by having a few smaller transactions is going to get a lot of attention on you. Can't say im surprised that someone brazen enough to go from from 2 to 107 employees isn't smart enough to know bank reporting laws...
It's like you didn't even read the story. How the fuck you gonna pay payroll taxes when your the only employee and there's no payroll? Buying a 2019 double R doesn't flag the feds when you just applied for loan? Yeah, right.
Agents also found a 2019 Rolls-Royce Wraith, which still had a temporary dealer tag on it.
Wow
I own several business and employ over 60 people so I know what I am talking about.
Fraud.
Bruh, they should. Nonetheless, you know where we are.
Your missing the point. He falsified documents to obtain a loan. If he has obtain the loan through real documents and not falsified ones then the feds could not say much to him if for example his employees were paid. We talking about if he actually the number of employees he had listed on the loan
They do. Call a lily a lily.
It actually is.
“Protection Program that were intended to assist employees and small businesses battered by the Coronavirus. We will investigate and charge anyone who inappropriately diverts these critical funds for their own personal gain.”
What a lot of people don't realize is that if it becomes a loan, it must be paid off in 2 years. You're only accruing 1% interest during that time....but people with 6 figure disbursements and beyond, that monthly payment will be vicious.
WWMD?
don't you have to use 75% of it for payroll expenses to get it forgiven?
I believe so, along with maintaining a certain employment level. Can't be laying people off and shit
Yeah I went to read the indictment and the fact that you certified on your application to only use if for your business payroll etc makes it fraudulent if you use it for stupid shit. I'm glad I kept all of my money in my operating account. My wife warned me. I was about to move it to my retirement account.
She's smart.
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