Hollywood producer William Sadleir was arrested and charged with defrauding investors, in this case, the private equity firm BlackRock, for almost $30 million:

He was also accused of applying for $1.7 million in fraudulent loans from the PPP program:

Feds say he used the PPP money, that was supposed to pay employees, to pay off his credit cards, a car and other personal expenses:

Regular, legit businesses couldn’t get their loans, but good customers with fake businesses? No problem:

“This film producer allegedly made a series of misrepresentations to a bank and the Small Business Administration to illegally secure taxpayer money that he then used to fund his nearly empty personal bank account,” said U.S. Attorney Nick Hanna of the Central District of California. “The Paycheck Protection Program was implemented to help small businesses stay afloat during the financial crisis, and we will act swiftly against those who abuse the program for their own personal gain.”

Sadleir was fired in January. . .his bankers didn’t think to double-check?

“This is a bigger BOOM than most realize”:

Well, we’ll see. Apparently there were other shenanigans going on before these charges as well:

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Tags: PPPSBA