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A Hudson Valley male stole nearly $5 million in COVID-19 reduction loans intended for little corporations having difficulties in the course of the pandemic.
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Jean R. Lavanture, a/k/a “JR,” a/k/a “Rudy Lavanture,” 48, of Saugerties pleaded responsible to conspiring to dedicate bank fraud and conspiring to commit wire fraud, and admitted to fraudulently obtaining $4,870,781 in governing administration-backed loans intended for businesses battling with the fiscal outcomes of the coronavirus pandemic.
“Mr. Lavanture and his co-conspirator Sean M. Andre took tens of millions from COVID-19 aid systems, to the detriment of creditors, the U.S. Tiny Organization Administration, and the reputable companies that could have put this income to excellent use,” Acting United States Attorney Antoinette T. Bacon stated.
In pleading guilty, Lavanture admitted to conspiring with Andre to get hold of $4,309,581 in Paycheck Security Application (PPP) loans concerning June and August 2020, by submitting fraudulent mortgage apps in the names of four organizations that Lavanture controlled. Every bank loan application grossly misrepresented every company’s staff members and payroll. Every single application also integrated untrue company tax paperwork that Andre established as component of the scheme. Lavanture admitted that none of his businesses in fact had a payroll or employees.
FBI agents arrested Lavanture in September 2020 at a 5.6-acre New Jersey estate that he is alleged to have acquired with the fraudulently attained cash, officials say.
Lavanture agreed to pay restitution in the volume of $4,870,781, and to forfeit proceeds of the fraud, which include a motel house he acquired in Rockaway Seashore, Missouri $476,253.25 in U.S. currency a 2007 Bentley Continental a 2013 BMW X5 and the balances of 19 bank accounts at a whole of 9 banking institutions, into which he deposited fraud proceeds.
Lavanture also admitted that, on his own, he fraudulently attained $561,200 in Financial Harm Disaster Loans (“EIDLs”) from the U.S. Small Enterprise Administration (SBA).
Lavanture faces up to 30 a long time in jail for financial institution fraud conspiracy, and up to 20 decades in prison for wire fraud conspiracy, when he is sentenced on January 6, 2022.
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