Saturday, May 18, 2024

Stay in the loop with our latest updates! Subscribe now to receive exclusive news, insights, and offers delivered straight to your inbox. Don’t miss out on the latest trends and developments – subscribe today!

HomeloansMcKinney man sentenced to five years for hiding PPP loans during bankruptcy

McKinney man sentenced to five years for hiding PPP loans during bankruptcy

A McKinney man was found guilty Tuesday of hiding multiple bank accounts that contained hundreds of thousands of dollars, according to the U.S. district attorney’s office. He obtained the funds through the Paycheck Protection Program, a pandemic-era program meant to help businesses maintain their payrolls.
Jacobie Travinski Johnson, 53, is facing 60 months in prison for his crimes.
Johnson filed a petition for Chapter 13 bankruptcy in the Eastern District of Texas in September 2020. When applying for bankruptcy, applicants must disclose assets like bank accounts to the court, trustee and creditors.
Business Briefing Become a business insider with the latest news. SIGN UP Or with: Google Facebook By signing up you agree to our Terms of Service and Privacy Policy
Johnson instead concealed accounts he had with Navy Federal Credit Union and failed to disclose how much was in each account, according to the court’s indictment on July 14, 2022. The only account Johnson mentioned in the petition was a checking account with Capital One.
However, Johnson was a managing member of McKinney-based Renee’s Roofing Co. and was receiving money from two accounts that belonged to Saunrda Bellion, an agent of the company, according to a court document from March 2023.
Between July 2020 and March 2022, he deposited $212,713.58 and withdrew $212,728.69 into the Navy account. Despite having multiple opportunities to disclose the money going in and out of the account, Johnson never disclosed it in any bankruptcy forms, the court said.
In court, videos were shown where Johnson was going to a bank to conduct withdrawals and deposits, all of which occurred after he filed for Chapter 13 bankruptcy.
The government began to catch up to Johnson when his and Bellion’s name came up in a PPP loan fraud investigation.
“The Court finds that this concealment was done knowingly and fraudulently, given the fact that Johnson had four opportunities to disclose the property,” the March 2023 court document said. “Johnson had no excuse not to disclose the entirety of his financial situation to either his attorney or a member of the bankruptcy court at any point during the Chapter 13 proceedings.”



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

Translate »