"In a Brooklyn federal courtroom on Wednesday, former NYPD Detective John Bolden admitted he was part of a plan to squeeze cash out of the federal Paycheck Protection Program, pleading guilty to conspiracy to commit wire fraud in a COVID-era loan scheme that prosecutors say leaned on fake tax records and bogus applications. According to investigators, the operation helped more than 65 people tap into PPP funds they were never entitled to."
"In a press release, the U.S. Attorney's Office, Eastern District of New York said the plea was entered before United States Chief Magistrate Judge Vera M. Scanlon and confirmed that Bolden admitted to a wire-fraud conspiracy charge. The office noted that Assistant U.S. Attorneys Andrew D. Grubin and Eric Silverberg are prosecuting the case, and that each defendant faces a statutory maximum of 30 years in prison if convicted."
"Federal prosecutors first unsealed charges in August 2024, and local coverage at the time sketched out how detectives and associates allegedly ran the scheme through a tax-preparation franchise. As reported by the Long Island Press, Bolden, who also did tax-preparation work, was accused of helping to create phony Internal Revenue Service Schedule C forms and guiding clients into sham loan applications."
John Bolden pleaded guilty in Brooklyn federal court to conspiracy to commit wire fraud for his role in a COVID-era loan scheme that used fake tax records and bogus applications to obtain Paycheck Protection Program funds. Investigators say the operation helped more than 65 people obtain PPP money they were never entitled to. Prosecutors allege the scheme ran from spring 2020 through late 2022 and relied on fabricated payroll and business records, including phony IRS Schedule C forms and sham loan applications that sometimes listed entirely made-up companies. Charges were unsealed in August 2024; each defendant faces up to 30 years under the statute.
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