A Texas resident was charged by the U.S. Attorney for the Southern District of Texas on July 14. Allegations suggest that he fraudulently filed loan applications for $1.1 million through the Paycheck Protection Program, or PPP. He claimed he was seeking COVID-19 relief, but allegedly actually used the funds to purchase cryptocurrency.
According to the allegations published by the U.S. Department of Justice, 29-year old Joshua Thomas Argires made false statements to financial institutions. Officials claim that Argires committed wire fraud by establishing a scheme to file the applications to the Small Business Administration, or SBA.