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A total of $200 billion obtained by schemers nationwide during what is being described as the "worst in history" fleecing of the Paycheck Protection Program loan system, according to a new report from the Small Business Administration's Office of Inspector General.
The report states that 17% of the $1.2 trillion aimed to be used for COVID-19 bailout cash for businesses in 2020 and 2021 was instead used by fraudsters to purchase luxury items such as Lamborghinis, vacation homes and private jets.
The SBA said it has more than 90,000 "accountable leads" in relation to the schemes, which includes former New York Jets wide receiver Josh Bellamy, who was sentenced to 37 months in federal prison on December 10, 2021, before being released in June; Manhattan restaurant owner Donald Finley, who spent millions obtained on a waterfront Nantucket home and faces up to 30 years in prison; and Florida-based David Hines, who obtained $3.9 million in PPP money and purchased a $318,000 Lamborghini Huracan, among numerous others.
At least $30 billion of the money obtained during PPP fraud schemes has since been recovered, seized or returned to the U.S. Treasury, which includes $8 billion returned by financial institutions and an additional $20 billion from burrowers, NBC News reported last month. The Inspector General report confirmed that more than 529 suspects have been convicted in fraud schemes and 570 related investigations were ongoing as of June 27.