PORTLAND, Ore. – An Oregon man admitted to fraudulently taking millions of dollars in COVID-19 relief payments.
The Department of Justice said in April of last year, 51-year-old Andrew Aaron Lloyd of Lebanon started fraudulently submitting applications for Economic Injury Disaster Loans and Paycheck Protection Program funds. He used numerous business names, applied using the names of relatives and business associates without their consent.
According to prosecutors, Lloyd received over $3.4 million in PPP loans and $160,000 in EIDL funds. He funneled more than $1.8 million of that money into an ETRADE account, which increased substantially before being seized by federal agents. The value of the investments made by Lloyd is now valued at over $11 million.
In January, Lloyd was arrested for his crimes. On June 17, he pleaded guilty to bank fraud, money laundering, and aggravated identity theft.
As part of his plea, Lloyd agreed to pay more than $3.6 million in restitution to the U.S. Treasury. He also agreed to forfeit $11 million in cash and securities along with 23 properties.
Prosecutors recommended a sentence of five years in prison. However, that will ultimately be decided by a judge on September 9.
An accomplice of Lloyd’s, 39-year-old Russell Anthony Schort of Myrtle Creek, was charged for similar conduct. He’s scheduled to plead guilty next month.