Crime
Loc Vo owned Sensible Connoisseur LLC, a meals truck enterprise in Massachusetts, in addition to an organization referred to as Indy Publish, federal prosecutors mentioned in a press release Wednesday
BOSTON (AP) — The proprietor of a Massachusetts meals truck enterprise has been sentenced to 2 years in jail for fraudulently acquiring about $1.5 million in federal COVID-19 pandemic aid loans — cash that he used to put money into the inventory market.
Loc Vo owned Sensible Connoisseur LLC, a meals truck enterprise in Massachusetts, in addition to an organization referred to as Indy Publish, federal prosecutors mentioned in a press release Wednesday.
The Boston man submitted mortgage purposes between April 2020 and July 2021 on behalf of the companies below three Small Enterprise Administration pandemic aid packages, requesting about $1.5 million that was meant for use for hire, mortgage curiosity, payroll and utilities, amongst different eligible bills, prosecutors mentioned.
Loc, 56, then transferred many of the cash to brokerage accounts in his personal title so he might put money into a number of companies, together with an electrical automobile producer, an web market firm and a biotechnology firm, federal prosecutors mentioned in a press release Wednesday.
A federal decide in Boston additionally sentenced Vo on Tuesday to 2 years of probation and ordered him to pay greater than $1.5 in restitution and forfeiture. He was arrested in July 2022 and pleaded responsible to wire fraud in January.
He utilized for the loans below the CARES Act enacted in March 2020 to supply emergency monetary help to People fighting the financial results brought on by the pandemic.