Virginia Man Charged for Defrauding CARES Act for Buying Luxury Items

Charged for fraudulently obtaining $2,501,753 in loans, Didier Kindambu, aged 48 years was arrested this week. Mr. Kindambu is said ....

Charged for fraudulently obtaining $2,501,753 in loans, Didier Kindambu, aged 48 years was arrested this week. Mr. Kindambu is said to have earned the sum of money through the CARES Act Paycheck Protection Program. If the federal government is to be believed he has bought a Cessna airplane and other luxury items with this money which was federally funded.

 

The belief of the prosecutors is on the scheme connected with both the businesses owned by Kindambu. They speculate, that the businesses of Kindambu must have led to the creation of the fundamental payroll documentation for each one of those. The government officials claim Kindambu submitted the documentation in support of the PPP loan applications.

 

Although actual statements for federal crimes are lesser than written, Kindambu faces a maximum penalty of 20 years in prison if convicted of the crime in the court against the count of bank fraud. A federal court judge is going to determine the sentence after taking into consideration the U.S. Sentencing Guidelines and other factors if the federal officials are to be believed.

 

CARES, i.e. the Coronavirus Aid, Relief, and Economic Security Act is a package of $2.2 trillion economic stimuli on which Donald Trump as well as the U.S. Congress agrees upon. This package is to help facilitate small businesses for fighting the situation and jump-starting the economy in financial troubles that are brought by the nation by Covid-19.

 

It is believed that those businesses which have applied for the loan have applied to use it for a variety of business plans that they have. It could be for paying their employees, keeping up when the business was limited, and use some other business models just for fitting up the customer’s demand.

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