Maryland Man Accused Of Obtaining $700K PPP Loan To Trade Stocks

BALTIMORE (WJZ) — A Maryland antheral is accused of defrauding the Paycheck Protection Program to the tune of much than $700,000, which authorities accidental helium utilized to commercialized stocks.

Jeffrey Bearden, 47, of Hagerstown, was arrested Thursday connected a national ailment charging him with mendacious statements and slope fraud. Bearden faces up to 30 years successful national situation if convicted of those charges, the U.S. Attorney’s Office said Friday.

READ MORE: COVID-19 In Maryland: State Has Administered Over 50K Booster Shots

After applying for PPP backing to screen payroll for B&D Consulting, Bearden was approved successful May 2020 for a $734,000 loan. Despite saying the wealth would beryllium utilized for concern expenses and employees’ salaries, the institution had nary employees and did not study paying immoderate wages.

Instead, the afloat indebtedness magnitude was wired to a antithetic slope relationship the aforesaid time it was received.

READ MORE: Ravens Player Tests Positive For COVID-19, Reports Say

Charging documents accidental astir of the wealth was transferred a period aboriginal to a brokerage account, the aforesaid relationship Bearden utilized to bargain stocks successful a fig of companies, 1 of them a vaccine producer.

Bearden applied for different PPP indebtedness successful February 2021, filing a slope connection that suggested his institution employed 19 people. After reviewing records, investigators recovered nary wealth was moved successful oregon retired of that slope relationship during the model helium had specified.

MORE NEWS: National Cathedral Names Artist To Replace Confederate Windows With Racial Justice Imagery

The 47-year-old made his archetypal quality Friday successful national tribunal successful Baltimore, wherever helium was allowed to spell escaped portion awaiting proceedings connected those charges.

CBS Baltimore Staff