By: Yuritza Arroyo
Federal officials sentenced a Somerset County man for fraud on Wednesday.
According to federal officials, the Somerset County man was sentenced to 46 months in prison for obtaining $1.6 Million in federal Paycheck Protection Program (PPP) and Economic Insurance Disaster Loan (EIDL) funds.
Officials say, Jordan C. Larkins, 32, of Somerset, previously pleaded guilty to an information charging him with one count of wire fraud, one count of bank fraud, and one count of money laundering.
According to documents filed in this case and statements made in court:
From May 2020 through July 2020, Larkins perpetrated a scheme to defraud PPP lenders and the SBA by submitting three fraudulent PPP loan applications to three different lenders and 11 fraudulent EIDL applications to SBA.
Court documents state, the fraudulent applications resulted in a total loss of $1.64 million to the lenders and the SBA. Larkins misused the funds by, among other things, transferring funds to a foreign bank and paying various personal expenses.
In addition to the prison term, Larkins was sentenced to three years of supervised release and ordered restitution in the amount of $1.64 million.