Michael Fullerton, 51, and Tiffany Fullerton, 48, of Georgetown, Texas, were sentenced to a total of 32 years in federal prison for their roles in a scheme to fraudulently obtain more than $3 million in Paycheck Protection Program (PPP) loans.
The U.S. Attorney’s Office for the Western District of Texas announced the sentencing today.
According to court documents, the Fullertons, along with two co-conspirators, used one active and three dormant business names to submit six fraudulent PPP loan applications, totaling over $3.5 million.
Five of the applications were approved, resulting in the disbursement of approximately $3 million in PPP funds.
Rather than using the funds to support struggling businesses, the defendants diverted the money to fund personal luxuries and attempted to start several ventures in Oklahoma, including a marijuana grow operation, a bar and grill, and an auto/boat repair shop.
The funds were also used to purchase a motor home, luxury watches, a boat, and other personal items, according to the U.S. Attorney’s Office.