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Loc Vo, who owns Smart Gourmet, is accused of fraudulently filing loan applications from April 2020 until July 2021 for programs under the Coronavirus Aid, Relief and Economic Security Act, the U.S. Attorney in Boston said. The programs were to help businesses stay afloat during the uncertainty of the COVID pandemic.
But federal authorities said Vo used the money to invest in an electric car company, an internet marketplace company, and a biotechnology company, among other businesses, the DOJ said.
Officials arrested Vo at Newark International Airport in New Jersey on Tuesday and charged him with wire fraud, federal authorities said.
Along with prison time, Vo, if convicted, could be forced to pay a $250,000 fine or "twice the gross gain or loss from the scheme, whichever is greater," the U.S. Attorney said.
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