The owner of a Philadelphia construction business is facing fraud charges for allegedly falsifying information on a Paycheck Protection Program loan application to obtain nearly $1 million that he used to buy an array of big-ticket items, including a new house in Florida, the Philadelphia Business Journal reports.
Devron Brown, 50, formerly of Philadelphia, was arrested and charged with two counts of bank fraud and nine counts of money laundering, the United States Attorney's Office for the Eastern District of Pennsylvania announced on Tuesday.
The indictment alleges that in June 2020 Brown obtained $937,500 in PPP funds from an application containing false representations of his construction business, Just Us Construction Inc. Among the alleged falsifications made by Brown were the Philadelphia company's employee count and wages, payroll taxes paid on wages, and intended use of the loan.
Read more about the allegations at PBJ.com.
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