Milwaukee man pleads guilty to illegally obtaining PPP loans
MILWAUKEE (AP) — A Milwaukee man accused of illegally obtaining more than $600,000 in federal loans meant for COVID-19 relief pleaded guilty Monday in federal court.
Stephen Smith pleaded guilty to one count of bank fraud. He is scheduled to be sentenced on July 14.
Authorities say the 42-year-old Smith fraudulently sought Paycheck Protection Program loans through applications to an insured financial institution on behalf of three different companies.
The loan applications contained numerous false and misleading statements about the companies’ respective payroll expenses, which led the financial institution to fund the loans.
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