Boston food truck owner gets 2 years for $1.5M COVID relief scam
Loc Vo directed fraudulently-obtained funds toward stock investments
{{#rendered}} {{/rendered}}The owner of a Massachusetts food truck business has been sentenced to two years in prison for fraudulently obtaining about $1.5 million in federal COVID-19 pandemic relief loans — money that he used to invest in the stock market.
Loc Vo owned Smart Gourmet LLC, a food truck business in Massachusetts, as well as a company called Indy Publish, federal prosecutors said in a statement Wednesday
CONNECTICUT BUSINESSMAN GETS 8 YEARS FOR ROLE IN LAWMAKER'S COVID RELIEF FRAUD SCHEME
{{#rendered}} {{/rendered}}The Boston man submitted loan applications between April 2020 and July 2021 on behalf of the businesses under three Small Business Administration pandemic relief programs, requesting about $1.5 million that was intended to be used for rent, mortgage interest, payroll and utilities, among other eligible expenses, prosecutors said.
A Boston food truck owner has been charged in a COVID-19 relief fraud scheme worth roughly $1.5 million.
Loc, 56, then transferred most of the money to brokerage accounts in his own name so he could invest in several businesses, including an electric car manufacturer, an internet marketplace company and a biotechnology company, federal prosecutors said in a statement Wednesday.
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{{#rendered}} {{/rendered}}A federal judge in Boston also sentenced Vo on Tuesday to two years of probation and ordered him to pay more than $1.5 in restitution and forfeiture. He was arrested in July 2022 and pleaded guilty to wire fraud in January.
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He applied for the loans under the CARES Act enacted in March 2020 to provide emergency financial assistance to Americans struggling with the economic effects caused by the pandemic.