A Maine man pleaded guilty to submitting fraudulent Paycheck Protection Program loan applications for which he received more than $1 million, part of which was used for a down payment on a sailboat.
Mark X. Haley II, 42, of Rockport, used false employee and payroll information and submitted fraudulent documents to support his applications for businesses he controlled, federal prosecutors said. He pleaded guilty Wednesday and remains free pending sentencing. He faces up to 30 years in prison.
Joleen Simpson, special agent in charge of the IRS criminal investigations office in Boston, said the case should serve as a “clear reminder” that criminals will be held accountable. The bogus PPP applications included misrepresented information about the number of employees, the size of the payroll and the intended use of the proceeds, prosecutors said.
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A Maine man pleaded guilty to submitting fraudulent loan applications. The man received more than a million dollars from the fraudulent loans.
“While many legitimate businesses used PPP loans to keep their businesses afloat, Mark Haley, motivated by personal greed, set sail on a scheme to obtain luxurious luxuries,” he said.
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Paycheck Protection Program loans were designed to be forgivable small business loans to help with job retention and other expenses during the COVID-19 pandemic.
