A grand jury has named a couple in a five-count indictment that alleges they obtained nearly $700,000 in federal Paycheck Protection Program loans from area banks.
Oklahoma couple indicted in connection with Paycheck Protection Program loan scam | Crime News
William Mark Sullivan, 48, and Michelle Cadman-Sullivan, 41, are each charged with one count of bank fraud conspiracy, according to the indictment.
The couple committed bank fraud when they lied on PPP loan applications and failed to disclose to the banks that they were submitting duplicative and overlapping applications, according to the indictment.
Cadman-Sullivan also faces four counts of aggravated identity theft.
The indictment alleges the couple applied for more than $2.7 million in PPP loans between April 8, 2020, and May 11, 2020, before receiving $691,145 in funds from banks.
The indictment alleges Cadman-Sullivan used the names and Social Security numbers of four minors to apply for PPP loans. The couple created fictitious businesses and payrolls in order to qualify for the funds, designed to help businesses keep their workforce employed during the pandemic, according to the indictment.
Paycheck Protection Program loans are guaranteed by the Small Business Administration under the CARES Act.