A Wilmington man was sentenced 80 months in federal prison in connection with a scheme that resulted in more than $9.1 million in COVID relief loans issued to more than 60 businesses across the country. None of the loans were repaid.
According to court documents, Jady Solano, 43, was a tax preparer in Wilmington who prepared fraudulent applications for loans available under the Paycheck Protection Program. The program offered low-interest loans and grants for organizations that kept employees on their payroll.
Solano prepared the applications on behalf of shell companies that, in fact, had no operations or employees. Solano claimed that the companies had substantial payrolls, sometimes north of $1 million annually. Solano also created false documents, including false tax forms and bank statements, to support the applications, prosecutors tated.
In total, Solano prepared 62 fraudulent applications, resulting in more than $9.1 million in wrongful loan disbursements. Solano personally received nearly $1.4 million through the scheme, which he is required to the federal government.
Seven other members of Solano’s scheme have been charged. Those members are:
Defendant
Case Number
Stage of Case
Shatoya Moss
24-cr-91-2 (JLH)
Guilty plea entered; sentenced to 18 months in prison and restitution of $578,133.09
Carl Lawrence
24-cr-109-1 (JLH)
Acceptance of guilty plea recommended by U.S. Magistrate Judge; recommendation now under review by U.S. District Judge
Julianne Murray, interim U.S. Attorney for the District of Delaware, stated, “The American taxpayers work hard for their money. And we will work hard to ensure that, when taxpayer money is misused—through waste, fraud, or abuse—the wrongdoers are brought to justice.
“62 times – over and over and over again – Solano fabricated, embellished and lied to steal millions from the government and ultimately, every taxpaying citizen. Now he will pay for each of those lies with this lengthy sentence,” said FBI Baltimore Special Agent in Charge William J. DelBagno. “The FBI will continue to partner with our fellow agencies to identify and unravel these fraud schemes and bring criminals to justice.”
First Assistant U.S. Attorney Benjamin L. Wallace prosecuted the case. Agents of the Internal Revenue Service, Criminal Investigation and the FBI Baltimore Field Office’s Wilmington Resident Agency investigated the case.
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