Pewaukee man pleads guilty to fraudulently getting PPP loans

Millennial Money: 5 Tips To Negotiate Pay In A Tough Economy
Elise Amendola

FILE - In this June 15, 2018 file photo, twenty dollar bills are counted in North Andover, Mass. Amid the pandemic-fueled recession, your job description and responsibilities may have changed. Whether you’ve taken on more tasks after employees were laid off or your household income has taken a hit, there are plenty of reasons to negotiate your salary even in tough times.

MILWAUKEE (AP) — A suburban Milwaukee man accused of illegally obtaining more than $1 million in federal loans meant for COVID-19 relief has pleaded guilty in federal court.

Thomas E. Smith, of Pewaukee, pleaded guilty Tuesday to one count of bank fraud. Authorities say the 46-year-old Smith fraudulently sought more than $1.2 million in Paycheck Protection Program loans through applications to an insured financial institution on behalf of eight different companies.

Court documents show that the loan applications contained numerous false and misleading statements about the companies’ respective payroll expenses, which led the financial institution to fund the loans.

Smith then directed his co-conspirators to send him portions of the PPP funds within days of receiving them.