Greetings!
We are grateful to have the opportunity to provide you this valuable information via our monthly e-newsletter and our unparalleled forensic accounting, expert witness, and fraud investigative services.
The goal of this e-newsletter is to provide you critical, inside information that will help you "follow the money" in business disputes, divorce cases, fraud cases, estate matters, corporate embezzlement, and to prevail when defending an IRS criminal case. We do this by sharing the knowledge we have from our 25+ years of experience as an IRS Special Agent and 16 years as a private investigator / forensic accountant.
We want to write about topics that will assist you in prevailing with fraud, divorce, estate and probate, and IRS criminal cases. Please e-mail us your topics of interest to [email protected]
We encourage you to share our e-newsletter with others in your sphere of influence.
Sincerely,
Edmond J. Martin
Principal, Chief Investigator
Certified Fraud Examiner (CFE)
Texas Board Certified Investigator (TBCI)
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Fraud on the Cares Act – Paycheck Protection Program (PPP)
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The Paycheck Protection Program (PPP) initially authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms were established to be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, rent, utility costs, and most mortgage interest over the 8 weeks after the loan is made; and employee and compensation levels are maintained.[1]
It did not take long for fraudsters to take advantage of the PPP because of their greed for money. Generally, the PPP was to benefit employers for an 8-week period. It appears that shortcomings in the implementation allowed some unscrupulous individuals to take advantage of the program. Individuals that lack integrity applied for and received PPP loans in violation of the SBA and U.S. Treasury rules.
Recently, several prosecutions have been in the national news. According to court documents unsealed Tuesday in the U.S. District Court in Texarkana, Texas, Samuel Yates has been charged for allegedly seeking more than $5 million in forgivable loans backed by the Small Business Administration under the CARES Act by claiming to have a business with more than 400 employees.[2] Yates allegedly made two fraudulent applications to two different lenders for emergency Covid-19 relief loans through the Paycheck Protection Program (PPP). Being a creative person, Yates used a random name generator on the internet to come up with a list of purported employees.
NFL receiver Josh Bellamy has been charged and arrested for allegedly... Read More
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Contact Us
P.O. Box 160161
Austin, TX 78716
Phone: 512-659-3179
Fax: 512-328-6878
Texas License #A10803
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Serving your needs is our priority.
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At Sage Investigations, we are dedicated to serving our clients nationally, to help them navigate the difficulties of dealing with fraud, divorce, estate and probate, the IRS Criminal Investigation, and other complex (forensic) financial fraud investigations. By narrowing our focus to our primary strength of “following the money,” we steer our knowledge, efforts, and experience to financial issues. We help our clients propel their cases forward by assisting in the review, acquisition, and organization of financial records, evaluating the elements of their cases, and helping create winning strategies. Through the use of our proprietary advanced financial investigative technology, we trace and analyze complex financial data quickly, easily, and efficiently, saving our client's time and money.
Sage handles all cases with altruism, professionalism, honesty, integrity, passion, and respect. When you hire Sage, you hire a team of professionals with skill and knowledge that helps you have more effective solutions. We are innovative with our DIO cutting edge technology, and perform every investigation in an orderly and organized manner to develop a clear investigative roadmap and deliver a quality work product. The compass that guides us is strong leadership and accountability. Learn more ...
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