A Texas resident, 32-year-old Samuel Yates, was charged with allegedly trying to file fraudulent bank applications for over $5 million in loans related to COVID-19 relief, according to a press release Friday (Jan. 15) from the Department of Justice. According to the release, Yates reportedly...
Fraud warnings continue to grow louder as bad actors uncover new opportunities to take advantage of market volatility and other aspects of the unique circumstances of the pandemic. For the B2B fraud landscape, the threat is particularly large. A recent regulatory notice issued by the...
In today’s top news, Shake Shack said it would return the $10 million Paycheck Protection Program (PPP) loan from the government, and Uber expanded its delivery services with two new programs. Plus, Treasury Secretary Steven Mnuchin said a deal is close for additional coronavirus stimulus...
Small businesses overwhelmed U.S. financial institutions as they scrambled to apply for Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. When the program went live on Friday (April 3), only two FIs, Bank of America and JPMorgan Chase,...
January 19, 2021
A Texas resident, 32-year-old Samuel Yates, was charged with allegedly trying to file fraudulent bank applications for over $5 million in loans related to COVID-19 relief, according to a press release Friday (Jan. 15) from the Department of Justice. According to the release, Yates reportedly sought out millions in forgivable loans from two separate banks […]
