MILWAUKEE (AP) — A Milwaukee man has been sentenced to three years in prison for fraudulently seeking more than $600,000 in federal coronavirus relief funding.
Authorities say 42-year-old Stephen Smith admitted that he actively looked for Paycheck Protection Program loans on behalf of three different companies through applications to an insured financial institution.
He allegedly made numerous false and misleading statements about the payroll expenses of the three companies. Smith then directed his co-conspirators to send him portions of the PPP funds within days of receiving them and used the proceeds for personal expenses.
In addition to the prison term, he was ordered to pay back nearly $400,000.
Smith pleaded guilty on April 12.