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Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.
30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). District Court for the District of RhodeIsland. It also failed to refund finance charges and fees in full after customers brought up legitimate disputes or fraud claims. It filed the complaint in the U.S.
Prosecutors charge two RhodeIsland men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.
And then there were some uncommon and more dramatic causes of failure, including: Financial fraud. Select VC Investors: VantagePoint Capital Partners, Lend Lease Ventures. Select VC Investors: RhodeIsland Economic Development Corporation. A most-wanted founder. via SFGate. Company: Better Place. Company: 38 Studios.
This is not just a matter of rooting out fraud and abuse – the funding for this program, which we support, is necessarily finite,” the letter said. Published reports revealed that the distribution of the initial round of funding was not limited to struggling small businesses that truly needed the money to stay open, the senators wrote.
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