Feds accuse Austin man of defrauding coronavirus aid program of $2 million
An Austin man has been accused by federal authorities of defrauding the government of more than $2 million from a program meant to help struggling small businesses during the coronavirus pandemic.
Authorities have charged Michael George McQuarn, 51, with wire fraud and making false statements to the U.S. Small Business Administration. The agency runs the Paycheck Protection Program, which offers forgivable loans to small businesses for job retention, payroll, rent, utilities and mortgage payments.
A criminal complaint unsealed Thursday alleges that beginning in April 2020, McQuarn submitted fraudulent applications for two fictitious companies to secure more than $2 million in SBA-backed PPP loans.
McQuarn used the money instead on a 26-foot Pavati Wake Boat and a Rolls Royce, authorities said in the complaint.
Read more: https://www.statesman.com/news/20200619/feds-accuse-austin-man-of-defrauding-coronavirus-aid-program-of-2-million
