The former CEO of Passport Pizza, who previously managed a dozen locations across Michigan’s Macomb County, has finally been served a slice of justice after being convicted of bank fraud.
Michael Bischoff, 60, of Macomb Township, was sentenced to 32 months in prison and must pay $593,590 in restitution, plus a $5,000 fine for taking advantage of the Paycheck Protection Program (PPP) during the coronavirus pandemic.
According to a Department of Justice press release, Bischoff hoped to secure $931,000 in COVID-19 relief funds that were intended to keep businesses afloat during the global crisis. He submitted at least nine falsified PPP loan applications that misrepresented Passport Pizza’s payroll and business expenses and the number of employees working for him. (And that’s not all he misrepresented.)
Bischoff also created multiple fake tax documents and used someone else’s personal information to fill in the blanks on the loan applications. (Apparently, he wanted to get his hands on as much dough as possible.)
Bischoff admitted that he left out material facts on the applications. (Perhaps he thought no one would really check for accuracy.) He also confessed that he overstated the number of employees that worked for him so he could improperly receive money from the Small Business Administration.
In addition to his prison sentence, restitution, and fine payments, Bischoff will serve three years of supervised release following his stint behind bars. (Looks like he’ll have plenty of time in jail to think about what he’ll serve on his pizza menu if his business survives.)
Today’s Fraud of the Day comes from an article, “Pizza CEO federally sentenced in bank fraud case,” published by C&G News on September 22, 2021.
MACOMB TOWNSHIP — A local pizza executive will spend time in prison.
Michael Bischoff was sentenced Sept. 14 to 32 months in federal prison by U.S. District Judge Paul Borman. Additionally, he was ordered to pay $593,590 in restitution, along with a $5,000 fine. Bischoff was facing one felony count of bank fraud.
