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Easy Money

Senior Director of Strategic Alliances
LexisNexis Risk Solutions - Government

On March 17, 2021, Jaquari Davonte Woodward submitted a loan application as the sole proprietor of a music business. He inflated the amount of money his purported business made and submitted an IRS tax form containing false information. His friends said it couldn’t be done but with that one application Woodward successfully obtained $20,833 in fraudulent funds from the COVID-19 Paycheck Protection Program. Easy money.

The only thing better than good news is sharing it with others. Emboldened by this success, Woodward turned to social media. Sharing on social media is the digital age’s word-of-mouth. Being one to want others to succeed too, Woodward advertised his services and promised fraudulent PPP loans for all. For only $10,000 per person, per application. Social selling at its best. The practice of using social media channels to connect with prospects. Modern sales 101.

Woodward certainly obtained new fraud opportunities using social media. Between March 2021 and October 2021, he submitted at least fifty-six fraudulent applications in his name and others. In each of these fraudulent applications, Woodward would provide false financial information, often for fake companies or companies that did not exist. He also created all forms necessary to make the fraudulent application seem complete including fictitious IRS Form 1040 Schedules C needed to confirm self-employment. Which is what a fraudster is. Self- employed. In total, Woodward stole over $1.1 million from the Small Business Administration and the U.S. taxpayer.

Thank you to the team in the COVID-19 Task Force with this case.

Today’s Fraud of The Day is based on article “North Las Vegas Man Jailed for $1.1 Million COVID-19 Relief Fraud Scheme” published by The Nevada Globe on January 9, 2023

A North Las Vegas man will spend nearly two years behind bars for a brazen COVID-19 relief fraud scheme that bilked lenders out of over $1 million.

Jaquari Davonte Woodward, 25, was sentenced to 19 months in prison on Tuesday by a U.S. District Court judge, followed by three years of supervised release. He was also ordered to pay back more than $1.26 million in restitution to the lenders and the Small Business Administration (SBA).

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