Michigan Man Heading To Prison In $2,300,000 COVID-Era Loan Fraud Scheme

A Michigan man has been sentenced to two years in federal prison after admitting he took more than $2,300,000 in fraudulent COVID-era small-business loans.

Jabari Long, 46, of Beverly Hills pleaded guilty to conspiracy to commit wire fraud and was sentenced in Detroit, reports ClickOnDetroit.

Prosecutors say Long used a contracting business called Priceless Preservations Construction to obtain a $2,187,000 Paycheck Protection Program loan and a $150,000 Economic Injury Disaster Loan.

Long claimed the business had 50 employees and an average monthly payroll of $875,000. Prosecutors say the company had few, if any, employees and little to no payroll expenses.

Within weeks of receiving the funds, Long used some of the money to buy a four-bedroom home in Beverly Hills, Michigan. He also admitted submitting false tax documents to get the loans.

Says U.S. Attorney Jerome F. Gorgon Jr.,

“Jabari Long falsely claimed to employ dozens through his so-called company ‘Priceless Preservations.’ But the only thing he preserved through this fraud was his greed.”

The court ordered Long to pay $2,187,500 in restitution and serve three years of supervised release after prison. Homeland Security Investigations and IRS Criminal Investigation investigated the case.

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The post Michigan Man Heading To Prison In $2,300,000 COVID-Era Loan Fraud Scheme appeared first on The Daily Hodl.