DE PERE, Wis. (WFRV) – A man from De Pere could be looking at 30 years in prison after he was indicted for Paycheck Protection Program fraud.
According to authorities, a federal grand jury returned an indictment charging 38-year-old Chad Schampers with one count of wire fraud and one count of money laundering. Schampers allegedly filed a fraudulent loan application looking for $300,000 in forgivable Paycheck Protection Program (PPP) loans.
The indictment says that Schampers then used around $300,000 in PPP loan funds for personal expenses. Those expenses reportedly included buying a private residence and putting funds into his personal account.
Officials say that businesses must use a PPP loan for payroll costs, interest on mortgages, rent and utilities.
“Individuals engaging in PPP fraud not only cause loss to every taxpayer but also prevent the funds from helping small businesses and employees in need,” said United States Attorney Richard G. Frohling.
The wire fraud count reportedly carries a maximum penalty of 20 years in prison and the money laundering count has a maximum of ten years in prison.
The case was investigated by the Brown County Sheriff’s Office and the Federal Bureau of Investigation.
Schampers was also indicted, along with three others, for fraud while operating and working for their home remodeling business called Summit Contracting, Inc.
Anyone with information of possible attempted fraud involving COVID-19 can report it by calling 866-720-5721.