They submitted 147 fabricated Paycheck Protection Program loan applications between May and July of 2020, resulting in 64 approved applications that distributed $14.5 million.
The associates kicked back up to half of the PPP loan proceeds to Cid, Verdecia, and Rodriguez via cash, checks, and wire transfers.
South Florida has seen over 250 defendants charged with PPP loan fraud, with the Hialeah-centered racket noted for its size and complexity.
The trio and their associates were not spending lavishly on luxury cars but rather invested the illicit funds in themselves and real estate.
Collection
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