Politics

South Florida Man Buys Lamborghini, Rolex, And More With Fraudulent $2.1 Million PPP Loan

By Adam Andrzejewski for RealClearPolicy

When the pandemic hit in 2020, Congress quickly passed the CARES Act, which included provisions for the Paycheck Protection Program, which was designed to rush money out the door to small businesses that need relief.

Sadly, many took advantage of the lax oversight the government gave to PPP loans. Valesky Barosy, for example, received $2.1 million in PPP loans, which he then allegedly used to buy “a Lamborghini Huracán EVO, Rolex and Hublot watches, and designer clothing from Louis Vuitton, Gucci, and Chanel,” according to a Department of Justice press release.

Barosy, a 27-year-old Florida resident, worked with several accomplices to allegedly falsify prior year expenses, net profit, payroll figures, and tax returns to apply for $4.2 million in PPP loans, of which they received $2.1 million. 

RELATED: White House: Get Ready For Gas Prices To Soar Even Higher

They have since been federally indicted on five counts of wire fraud, three counts of money laundering, and one count of aggravated identity theft, which could total up to 132 years in federal prison if convicted.

How was it so easy to get $2.1 million from the federal government?

Blame poor oversight from the Small Business Administration, which administered the funds. As we previously reported in this column, the SBA Inspector General found that potentially $3.6 billion of Covid relief money went to ineligible recipients. This was due to the SBA not cross referencing the US Treasury’s “Do Not Pay” Working System, as well as ignoring previous red flags associated with certain applications.

Most of the blame certainly goes to the criminal that committed the crime. But the government has a responsibility to do everything in its power to make sure your tax dollars are being used for the right purposes and not for luxury cars and watches.

Syndicated with permission from Real Clear Wire.

The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.

RealClearWire

Recent Posts

Woke on Steroids: Vanderbilt University Prof Claims Math is Racist White Supremacy and Anti-Gay

Remember when we used to hear professors and scientists talk about how math was the…

7 hours ago

Watch: Biden Judge Nominee Can’t Answer Basic Questions About the Constitution

By Dr. Derek Ellerman More and more often, I encounter "normies" - normal people who…

8 hours ago

Trump Slams Biden’s Escalation, Sending Tanks to Ukraine: Warns Next ‘Come the Nukes’

Donald Trump slammed the decision by President Biden to send 31 Abrams M1 tanks to…

10 hours ago

Report: Consumer Confidence Dwindles as Economic Fears Rise

By Glenn Minnis (The Center Square) Consumers feel 13% less confident about their financial outlook…

12 hours ago

Cory Booker Mocked After Claiming More Americans Died from Gun Violence in 50 Years Than All Wars Combined

Senator Cory Booker was questioned by viewers after claiming to have witnessed more deaths from…

12 hours ago

Frustrated by Police Inaction, Pro-Lifers Take Up the Work of Law Enforcement

By James Varney for RealClearInvestigations Last June a firebomb ripped through the CompassCare crisis pregnancy center…

12 hours ago