![]() Reis claimed to be an African American and a veteran-both of which appear to be false. Hockridge received nearly $300,000 in PPP loans, some of which were facilitated by their own company. In addition to likely taking over $120 million in taxpayer-funded PPP processing fees as personal profit, Mr. Blueacorn’s founders arranged PPP loans for themselves through Blueacorn, some of which have signs of potential fraud.According to their former business partners, Blueacorn founders Reis and Hockridge attempted to directly charge some applicants a 10% fee for successfully procuring PPP loans-in violation of SBA rules.Blueacorn’s owners directed reviewers to prioritize “monster loans will get everyone paid” and created an exclusive category of PPP loans, called “VIPPP” loans. Blueacorn’s owners were dismissive of other loans, writing “delete them,” “who f***ing cares,” and “e’re not the first bank to decline borrowers who deserve to be funded… they go elsewhere.”.Blueacorn loan reviewers reported receiving poor training and being pressured to “push through” PPP loans, even if the reviewers doubted the authenticity of the loan’s supporting documents.It transferred nearly $300 million in profits to its owners while only spending $8.6 million-less than one percent of the fees it received for its PPP work on fraud prevention. ![]()
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