Minnesota Man Busted for Fraudulent $841,000 PPP Loan
I'm sure there are a lot of small business owners that will be pretty pissed about this guy. I've talked to several small business owners that didn't get a PPP loan because the money ran out.
I'd, for sure, be angry if I was denied because guys like this took money from the Coronavirus Relief Loan program.
A St Paul man, Kyle Brenizer, obtained a PPP Loan by submitting a fraudulent application. Brenizer's business, True Cut Construction LLC was ordered to cease and desist from doing business in August of 2018 according to U.S. Attorney's Office of Minnesota. So he obtained a loan for a business that has not been operating for 2 years.
On behalf of his defunct business, Brenizer allegedly made a "false and misleading PPP application" May 1st which was denied at that time. Brenizer reapplied using an alias and was approved for $841,000. That's a pretty big chunk of money.
He also submitted falsified bank and IRS statements claiming his monthly payroll for 30 employees was $336,400. Sounds like his imaginary employees were getting paid pretty well. He also lied on his application about having no criminal charges even though he had multiple felony charges including check forgery, identity theft and theft by swindle.
$841,000 was deposited in his "business" account and soon after $650,000 was transferred to a separate account not connected to the business. $29,000 was spent on a new Harley motorcycle and golf equipment.
I have a hunch Mr Brenizer might be going away for awhile. He's being charged with two counts money laundering and two counts of wire fraud.
(FOX9)
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