Metro man charged with depositing millions of dollars in fraudulent PPP loans – WSB-TV Channel 2
ATLANTA – The federal government has added a new measure to detect fraud as it accepts applications for a new round of Paycheck Protection Program (P3) loans.
It comes as federal prosecutors here in Georgia continue to make new arrests for P3 fraud.
A new federal indictment lists 16 companies, most in Gwinnett County, where prosecutors allege Yun Jae Moon, also known as Jake and Alex Moon, fraudulently applied for PPP loans, for a total of millions.
Channel 2 investigative reporter Justin Gray visited a house in Suwanee listed as the site of two of these companies.
The man who opened the door and identified himself as Jae Kim said he had never heard of the companies or Yun Jae Moon.
But he is listed on the Georgia Secretary of State’s website as CEO, CFO and secretary of one of the companies.
According to Duluth’s neighbors, a vacant space would be a cafe, but Moon applied for a PPP loan for a construction company there.
President Joe Biden’s administration is launching a new round of PPP loans.
Terri Denison, director of the Small Business Administration in Georgia, said she has added a new layer of defense against fraud.
In the first round, the banks did background checks. Now the SBA does its own research for each loan.
“Just to have another level of due diligence and make sure as best we can that these are legitimate businesses,” Denison said.
The Justice Department also continues to prosecute people who allegedly defrauded PPP, such as Moon.
We showed you just a month ago yet another indictment for another man from Gwinnett County, Tabronx Smith, and four co-conspirators also for PPP fraud.
“We have always had an excellent working relationship with the US Attorney’s Office in terms of dealing with and following up on the consequences of these actions,” Denison said.
Moon is in federal custody pending trial. He also risks deportation.
Cox Media Group