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Husband Convicted Of Using COVID Funds To Buy Tesla Stock

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A photo of the man who bought Tesla Stock and Covid Funds Sentenced to 4 Years in Prison

Picture: Justin Sullivan (Getty Images)

An Oregon man has been sentenced to four years in prison for felony criminal mischief (Stonks). Department of Justice he announced Friday caught 51-year-old Andrew Lloyd stealing more than $ 3.4 million from several. federal COVID-19 support programs, then use the money to buy 15,740 shares of Tesla stocks last year.

According to the DOJ announcement, Lloyd was able to steal a number of loan programs from the Small Business Administration (SBA), a failed federal branch. more than $ 6 trillion for women-Shops and pops that were devastated financially during the epidemic. Unfortunately, on the same day that the DOJ announced this, the SBA executive director found that the board had allocated $ 3.6 billion to support parties that were not eligible for the funding.

Lloyd apparently was one of the guys who didn’t qualify, but the DOJ explains how he managed to make the money. Beginning in April 2020, they began submitting loan forms to the agency using “many business names and surnames of relatives and business associates without their permission.”

“Lloyd provided false documents to verify the loans he was charged, including IRS forms filing 2019 payments paid by Lloyd-controlled agencies,” the statement continues. “Loan applications also cover a wide range of business interests, including the location of businesses and the names of twelve employees. IRS forms, wage and salary scales, employee names, and wages paid to each employee were made by Lloyd and false.

The feeds did not work for more than a year even though this person has used a lot of fraud several times in a number of debt negotiations they are not painting the company properly. At the time of his arrest, the announcement continued, Lloyd had paid around $ 114 per share of Tesla. Today, that price is more than $ 1,000. He also said he used the money to buy more than 25 locations in Oregon and California, and to pour money into other security funds.

The DOJ says it has seized Lloyd’s brokerage account Earlier last year, it raised $ 660,000 in security and revenue. Today, the money raised by hundreds of thousands of Tesla led to Lloyd’s demisetten for good health $ 18 million, at least.

Yes, much of that money will not be following him to prison. He accused them of bank fraud, embezzlement, and theft of false information this month, which led to four years and five years’ imprisonment for his release. Lloyd was also ordered to pay more than $ 4 million in restitution, discard 25 of the goods, and dispose of more than 15,000 shares of Tesla.

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