CENTERTON, Ark.–Another person has been busted for attempting to scam the Paycheck Protection Program.
The latest individual to enter a guilty plea for attempting to cheat the emergency funds program is Benjamin Hayford, 32, who admitted to attempting to obtain more than $8 million in forgivable PPP loans, according to the FDIC’s Office of Inspector General (OIG).
Hayford has pleaded guilty to before a U.S. district court judge in the Northern District of Oklahoma to one count of bank fraud and four counts of false statements to a financial institution. Sentencing has been scheduled for Nov. 4.
According to the FDIC, Hayford admitted that he sought millions of dollars in forgivable PPP loans from multiple banks by providing fictitious payroll expenses and providing falsified supporting documentation. The FDIC OIG also said Hayford admitted to making false representations to a financial institution concerning the date that a limited liability partnership for which he applied for relief was established.