Two Women Convicted in CARES Act Fraud Scheme

Two women from New Jersey and West Virginia have been found guilty of orchestrating a bank fraud and money laundering scheme amounting to $145,625, linked to the US government's CARES Act. According to NS3.AI, they falsified a Paycheck Protection Program (PPP) loan application by providing false employment and income information to fraudulently secure $15,625. The recipient of the loan then transferred the funds through digital wallets, disguising transaction details to hide the illegal proceeds.