A Marietta man is among a group charged in connection with a scheme that fraudulently took $3 million in Paycheck Protection Program loans, according to federal prosecutors.
Stanley Dorceus of Marietta is one of five people who have pleaded guilty to charges related to a large group that together is accused of fraudulently receiving $3 million in PPP loans, according to the Department of Justice. Dorceus pleaded guilty to conspiracy to commit wire fraud and making false statements.
The other four people who entered a plea:
♦ Antonio D. Hosey, of Atlanta, pleaded guilty to conspiracy to commit wire fraud and money laundering.
♦ Timothy Williams, of Atlanta, pleaded guilty to conspiracy to commit wire fraud and making false statements.
♦ Kenneth L. Wright, Jr., of Atlanta, pleaded guilty to conspiracy to commit wire fraud and making false statements.
♦ Mark A. Stewart, of Greenville, South Carolina, pleaded guilty to conspiracy to commit wire fraud and making false statements.
Of the $3 million, authorities have recovered approximately $1.2 million of the stolen money.
Six people have been indicted with charges of fraudulently obtaining about $1.5 million in Paycheck Protection Program loans on behalf of five Georgia and South Carolina businesses.
Rodericque Thompson, 43, of Atlanta; Micah K. Baisden, 30, of Doraville; Travis C. Crosby, 31, of Wellford, South Carolina; Keith A. Maloney Jr., 33, of Port Wentworth; Tabronx W. Smith, 43, of Buford; and Thomas D. Wilson, 30, of Atlanta, were charged in an indictment filed Jan. 12 in the Northern District of Georgia with conspiracy to commit bank fraud, bank fraud, false statements to a financial institution, and money laundering.
According to the indictment, Thompson recruited Baisden, Crosby, Maloney, Smith, and Wilson to apply for PPP loans on behalf of their respective businesses, PowerHouse Sports Academy LLC, Faithful Transport Services LLC, KMJ Transport LLC, Market Yourself LLC, and Rare Breed Nation LLC. With Thompson’s help, Baisden, Crosby, Maloney, Smith, and Wilson each allegedly obtained a $300,000 PPP loan by submitting loan applications containing numerous false and misleading statements about their businesses. The indictment alleges Thompson helped the applicants submit the fraudulent loan applications in exchange for a percentage of the loan proceeds.
The PPP, part of the federal Coronavirus Aid, Relief, and Economic Security Act, allows qualifying small businesses and other organizations to receive two-year, 1% interest loans to be used for payroll costs, interest on mortgages, rent and utilities. The PPP allows the interest and principal to be forgiven if businesses spend the proceeds on these expenses within a set time period and use at least a certain percentage of the loan toward payroll expenses.