CHARLESTON, WV (LOOTPRESS) – Two West Virginia residents pleaded guilty Tuesday to charges related to a fraudulent scheme to obtain Paycheck Protection Program (PPP) loans, federal authorities announced.
William Powell, 34, of Huntington, pleaded guilty to conspiracy to commit bank fraud, while Jasmine Spencer, 32, of Charleston, admitted to aiding and abetting bank fraud.
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Both received $15,625 in proceeds from fraudulently obtained PPP loans, which were guaranteed by the Small Business Administration (SBA) under the CARES Act.
According to court documents, Powell and Spencer worked with co-defendant Kisha Sutton, 44, of Jersey City, New Jersey, to secure fraudulent PPP loans…