A woman from Bear pleaded guilty in for her role in a scheme involving the federal Paycheck Protection Program (PPP) and Small Business Administration Economic Injury Disaster loans.
Adrienne Ponzo, 50, entered the plea on one count of wire fraud conspiracy, a release from the U.S. Attorney's Office for New Jersey stated.
The loans provided emergency financial assistance to businesses suffering from the economic effects of the COVID-19 pandemic that retained employees. The fast-track nature of the loans led to warnings of widespread fraud.
According to the release, Ponzo conspired with others to defraud the SBA and the PPP program. Ponzo’s co-conspirators recruited individuals who owned companies that did not qualify for the programs.
Ponzo prepared fraudulent applications for these businesses that were electronically submitted to lenders. Ponzo also prepared fraudulent bank statements and tax returns for companies, the U.S. Attorney's office stated.
Ponzo received a portion of the loan proceeds for her role in the scheme covering 14 loans totaling nearly $1.5 million.
The count of wire fraud conspiracy is punishable by a maximum of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. Sentences are typically shorter.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.