A New York man has been arrested on charges of obtaining $1 million in a COVID-19 wire fraud scheme.
The defendant has been identified as Terrell Fuller, 33, of Brooklyn, New York. Fuller has been charged by complaint with one count of wire fraud.
According to the evidence filed in this case and statements made in court in September 2021, a fraudulent Economic Injury Disaster Loan (EIDL) application was made to the Small Business Association (SBA) on behalf of a business. The SBA provided $1.2 million in response to the application, but, according to a representative of the business, the business did not make the application.
Approximately $400,000 of the funds were deposited into bank accounts to which Fuller was the sole signatory. Fuller is accused of taking advantage of emergency financial assistance offered to business owners negatively affected by the COVID-19 pandemic.
Wire fraud is punishable by a maximum potential penalty of 20 years in prison. The charge can hold a fine of the greater of $250,000, twice the gross profits or twice the gross loss suffered to the victims of his offense, whichever is greatest.
