North Berwick man faces 30 years in federal prison for PPP fraud
Man pleads guilty to PPP fraud after applying for loans for business he no longer owned
Updated: 12:35 AM EDT Jul 16, 2024
Frederick Avery of North Berwick faces 30 years in federal prison after pleading guilty to filing fraudulent applications for loans from the Paycheck Protection Program.The Paycheck Protection Program was a COVID-19 pandemic relief program administered by the Small Business Administration that provided forgivable loans to small businesses for job retention and certain other expenses.Court records show the 49-year-old submitted two applications for PPP loans between April 2020 and September 2021. The loans claimed he was the 100% owner of Superior Cruise and Travel LLC. Records also show he sold the agency to a limited liability company in Pennsylvania in November 2019.He claimed on the applications that the loans, which were more than $215,000, were for payroll, lease/mortgage interest, utilities, and other items.On top of the 30 years in prison, he also faces a maximum fine of $1 million, followed by up to five years of supervised release. A federal judge will determine his sentence.
Frederick Avery of North Berwick faces 30 years in federal prison after pleading guilty to filing fraudulent applications for loans from the Paycheck Protection Program.
The Paycheck Protection Program was a COVID-19 pandemic relief program administered by the Small Business Administration that provided forgivable loans to small businesses for job retention and certain other expenses.
Court records show the 49-year-old submitted two applications for PPP loans between April 2020 and September 2021. The loans claimed he was the 100% owner of Superior Cruise and Travel LLC. Records also show he sold the agency to a limited liability company in Pennsylvania in November 2019.
He claimed on the applications that the loans, which were more than $215,000, were for payroll, lease/mortgage interest, utilities, and other items.
On top of the 30 years in prison, he also faces a maximum fine of $1 million, followed by up to five years of supervised release. A federal judge will determine his sentence.
