Michael A. Tolliver, 57, of Monroe, Louisiana, went before a United States judge on Monday, December 12, 2022, and pleaded guilty to the charge of money laundering, according to an announcement made by the United States Department of Justice on the following day, December 13, 2022.
CARES Act
The Corona Virus Assistance, Relief, and Economic Security (CARES) Act was finally passed into law by Congress in March of 2020. The purpose of the measure was to provide Americans who are struggling financially as a result of the COVID-19 outbreak with immediate financial support.
In March of 2020, Congress passed the Corona Virus Aid, Relief, and Economic Security (CARES) Act, which was designed to provide emergency financial assistance to the millions of Americans who were suffering from the economic effects caused by the COVID-19 pandemic.
This act was designed to provide emergency financial aid to Americans. Economic Injury Disaster Loans (EIDL) were made available by the Small Business Administration (SBA) as part of the CARES Act. These loans offered low-interest financing to small businesses, renters, and homeowners in areas that had been hit by declared disasters. In a scheme known as the Paycheck Protection Program (often abbreviated as “PPP”), the CARES Act authorized a total of up to $349 billion to be granted as reimbursable loans to small firms for the purpose of preserving jobs and covering certain other costs.
The Economic Injury Disaster Loan
The Economic Injury Disaster Loan (EIDL) was made available by the Small Business Administration (SBA) as part of the CARES Act. These loans offered low-interest funding to small businesses, renters, and homeowners in areas that had been hit by declared disasters. Via a program known as the Paycheck Protection Program, the CARES Act authorized small firms to receive forgiven loans of up to $349 billion for the purpose of retaining jobs and covering certain other costs (PPP).
False loan applications by Tolliver
According to the evidence that was presented in court, Tolliver devised a plan to defraud the Small Business Administration (SBA) as well as a number of other financial institutions by submitting false loan applications to the PPP and EIDL Programs as well as other documents under the name of Tolliver Oil and Gas. Additionally, Tolliver allegedly provided false and fraudulent information specifically related to the number of employees as well as an average monthly payroll for the company.
Dubious claims by Tolliver
Tolliver Oil and Gas was named as the applicant in an electronic PPP application that Tolliver Oil and Gas filed to “Bank 3” on May 14, 2020. The application was bogus and fraudulent, and it requested roughly $664,724 in PPP payments. Officials claim that Tolliver indicated in the PPP application that the monies will be used “to retain staff and maintain payroll.” Tolliver’s confirmation comes as no surprise.
Tolliver made the fraudulent claim that the company employed 108 workers and that the monthly salary averaged $265,889.60. Tolliver also submitted a fraudulent Internal Revenue Service Form 940 for the year 2019.
COVID-19 Fraud Enforcement Task Force
The COVID-19 Fraud Enforcement Task Force was established by the Attorney General on May 17, 2021, to better coordinate and mobilize the resources of the Department of Justice with other government agencies in the fight against and prevention of pandemic-related fraud. By, for example, enhancing and incorporating existing coordination mechanisms,
Identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts, the Task Force strengthens efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programmes to prevent fraud.
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