San Diego restaurant owners charged with COVID-relief fraud, money laundering [Breaking]
Two San Diego restaurant owners were charged with fraud and money laundering in connection with an alleged scheme to falsify applications for COVID-19 relief funds, according to an indictment returned by a federal grand jury.
The business owners also allegedly made substantial cash withdrawals from their business bank accounts to launder the fraudulently obtained funds. Additionally, Suel and Smith allegedly hid more than $2.4 million in cash at their residence. “Many restaurant independents have had a very difficult time,” he said. “However, that does not excuse restaurant operators from breaking the law and gobbling up the PPP funds that they are not entitled to and this is very wrong.”
The Restaurant Revitalization Fund was intended to help local businesses stay open and the SBA offered restaurants “with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.” The funds did not need to be paid back as long as they were used for eligible expenses by the deadline.
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San Diego restaurant owners charged with COVID relief fraud, money launderingThe indictment states that the defendants owned Rockstar Dough LLC and Chicken Feed LLC, which operated multiple San Diego restaurants.
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