"Federal investigators said Kirouac secured more than $1 million in Economic Injury Disaster Loans (EIDLs) through the federal CARES Act. The loans were meant to help small businesses cover payroll and other necessary expenses during the early months of the pandemic. Instead, authorities said, Kirouac used roughly $600,000 of the funds to help purchase the Angus Lea Golf Course in Hillsborough after he was unable to get private financing."
"According to court documents, Kirouac owned or controlled four companies: HK Manchester, HK Loudon, HK Hudson, and HK Pelham. Prosecutors said he certified that the EIDL funds would be used as working capital and not for personal expenses or business relocation. Beginning in 2021, while attempting to buy the golf course, Kirouac obtained EIDL funds on behalf of HK Manchester and HK Loudon and put a large portion of the money toward the purchase, prosecutors said. He also misused funds tied to HK Pelham."
Michael Kirouac of Pembroke obtained over $1,000,000 in Economic Injury Disaster Loans under the CARES Act by certifying funds would be used for working capital. He controlled four companies: HK Manchester, HK Loudon, HK Hudson, and HK Pelham. Beginning in 2021, he obtained EIDL funds for HK Manchester and HK Loudon and directed about $600,000 toward purchasing the Angus Lea Golf Course in Hillsborough after failing to get private financing. Kirouac also received a $260,500 loan for HK Hudson while a sale of that company was pending and failed to disclose the sale to the SBA. He pleaded guilty to wire fraud and received 15 months imprisonment and one year supervised release.
Read at Boston.com
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