Making False Statements to an FDIC-Insured Bank

 The prohibitions contained in 18 U.S.C. § 1014 also apply to false statements and reports submitted to financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) and other banks. Therefore, companies and individuals can be prosecuted for submitting false information to the SBA, and they can also be prosecuted for submitting false information to their PPP lenders.

Bank Fraud

Along with prosecution for submitting false statements or reports to their PPP lenders under 18 U.S.C. § 1344, companies and individuals can also face prosecution for bank fraud under 18 U.S.C. § 1344. This federal statute makes it a criminal offense to, “knowingly execute[], or attempt[] to execute, a scheme or artifice—(1) to defraud a financial institution; or (2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises.”

Click here to know more https://federal-lawyer.com/criminal-law/ppp-loan-fraud/penalties

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