engineering

An invitation for largesse writ large. An application for PPE monies worth less than the paper on which it is written is a straightforward investigation. The circuitous and creative path of using publicly-listed small-cap entities to weave a tale of yeast to vaccine is a challenge to investigate but more important to interdict.

Nevertheless we thank our friend young Rai for creative use of his engineering education

https://www.justice.gov/opa/pr/engineer-charged-texas-covid-relief-fraud

An engineer has been charged in the Eastern District of Texas with allegedly filing bank loan applications fraudulently seeking more than $10 million dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

Shashank Rai, 30, of Beaumont, Texas, allegedly sought millions of dollars in forgivable loans guaranteed by the SBA from two different banks by claiming to have 250 employees earning wages when, in fact, no employees worked for his purported business.

Rai is charged by way of a federal criminal complaint with violations of wire fraud, bank fraud, false statements to a financial institution, and false statements to the SBA.

According to court documents unsealed today in U.S. District Court in Beaumont, Rai allegedly made two fraudulent claims to two different lenders for seek loans guaranteed by the SBA for COVID-19 relief through the PPP.  In the application submitted to the first lender, Rai allegedly sought $10 million in PPP loan proceeds by fraudulently claiming to have 250 employees with an average monthly payroll of $4 million.  In the second application, Rai allegedly sought approximately $3 million in PPP loan proceeds by fraudulently claiming to have 250 employees with an average monthly payroll of approximately $1.2 million.