- June 23, 2021
- Posted by: Stratford Team
- Category: Business
A former Philadelphia man allegedly stole nearly $1 million in loans meant to help small businesses survive the pandemic, spending the funds on diamond rings, a new car, and a Florida home, according to federal prosecutors.
Devron Brown, 50, fraudulently received $937,500 in June 2020 through the Paycheck Protection Program (PPP), the federal program of forgivable business loans, the U.S. Attorney’s Office for the Eastern District of Pennsylvania claimed. Brown was arrested and charged with two counts of bank fraud and nine counts of money laundering, authorities said.
In an email, Brown said his attorney could not respond by the Inquirer’s deadline for publication. He did not answer a follow-up email asking if he could comment by a later deadline.
» READ MORE: Here are 8 things small businesses need to know about PPP.
Earlier this month, the U.S Justice Department said it had prosecuted more than 100 defendants in more than 70 criminal cases related…