A $3.5 million mansion. $450,000 in cash. Lamborghinis. Ferraris. Bentleys. Teslas. All paid for by U.S. taxpayers.
A new report finds that Covid relief fraud ran into the “hundreds of billions of dollars.” Watch:
NBC found numerous cases of waste, fraud and abuse in federal funding through Covid relief plans, such as the Paycheck Protection Plan (PPP).
“The fraudsters are bold buying luxury cars, lights on private jets, mansions like this Los Angeles,” Lester Fraud reported. “Couple who led a massive $20 million fraud ring using fake IDs to apply for loans for fake businesses. They texted about the cash that was available.”
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“Congress now investigating Blue Vine, one of the third party service providers who processed billions in loans and touted that a business could get loan approval in five minutes,” Holt noted. “What didn’t happen was even minimal checks to make sure that the money was getting to the right people at the right time.”
It interviewed Department of Justice Inspector General Michael Horowitz, who is overseeing a DOJ task force to investigate if the $5 trillion in Covid relief money went to the right place.
“When the Small Business Administration in sending that money out basically said to people, apply and sign and tell us that you’re really entitled to the money,” Horowitz said. “And of course, for fraudsters, that’s an invitation.”
It is being called the “biggest fraud in a generation.” For Americans who lived through the Obama administration, and witnessed such boondoggles as “cash for clunkers,” this may seem like an extravagant claim. But due to the scale of the fraud and the fact that it exploited the crisis of a Covid pandemic, that claim appears to be well-justified.