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Small Business Administration

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Elizabeth Man Submitted Phony Applications To Obtain $100,000+ In Covid Funds: Feds Elizabeth Man Submitted Phony Applications To Obtain $100,000+ In Covid Funds: Feds
Elizabeth Man Submitted Phony Applications To Obtain $100,000+ In Covid Funds: Feds A 53-year-old Elizabeth man recently admitted to his role in a fraud scheme involving COVID funds, phony tax filings and a fake loan application, authorities said. In June 2020, Richard Fadraga submitted a  fraudulent application for an Economic Injury Disaster Loan (EIDL), which resulted in him getting $110,000 from the Small Business Administration in COVID-19 relate proceeds, US Attorney Phillip Sellinger said. The next month, Fadraga submitted another fraudulent application and received a $131,000 loan, Sellinger said. That application was submitted under another person's name to c…

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by Sam Barron
News
Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan
Ex-Chief Lending Officer Of NJ Bank Gets 18 Months In Fed Pen For Lying On SBA Loan A former New Jersey bank chief lending officer from Pennsylvania was sentenced to 18 months in federal prison Wednesday for lying to the Small Business Administration, authorities said. James Bortolotti, 53, will have to serve just about all of the term because there's no parole in the federal prison system. Bortolotti signed off on an application to the SBA for a guaranteed $3.75 million on $5 million in loans given to a small Robbinsville business by First Choice Bank in Trenton even though he knew the information about the company's credit-worthiness was false, Acting U.S. Attorney for N…

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by Jerry DeMarco
Police & Fire
PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M
PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M A 42-year-old Pennsylvania man previously convicted in a $1.4 million fraud scheme has been arrested again on similar charges -- this time in a $1.25 million case. William C. Huyler III, of West Chester, pleaded guilty last December to stealing $1.4 million in from eight Homeowner Associations (HOAs) located across Chester County, Montgomery County, New Jersey, Chester County District Attorney, Deb Ryan said. While awaiting sentences for that case, Huyler was slapped with theft by deception, forgery and more charges for fraudulently securing Small Business Admi…

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by Nicole Acosta & Cecilia Levine
News
COVID-19: White House, Senate Seal Proposed $2 Trillion Stimulus Deal Paying Citizens, Business COVID-19: White House, Senate Seal Proposed $2 Trillion Stimulus Deal Paying Citizens, Business
Covid-19: White House, Senate Seal Proposed $2 Trillion Stimulus Deal Paying Citizens, Business The White House struck an historic $2 trillion, bipartisan stimulus package that, if approved by Congress, will send money to certain families and businesses, among others, who are struggling financially during the coronavirus pandemic. “At last we have a deal,” Senate Majority Leader Mitch McConnell announced on the Senate floor after marathon talks producing what would be one of Congress’ costliest and farthest-reaching measures in history. McConnell described it as “wartime level of investment for our nation," while adding that the Senate would vote in favor of the package sometime afte…

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by Jerry DeMarco