A expertise government within the Seattle space was charged with fraudulently making use of for greater than $5.5 million in US small-business loans and laundering among the cash into his private Robinhood brokerage account.
Mukund Mohan allegedly utilized for eight loans to 6 corporations by way of the Paycheck Safety Program, a federal stimulus designed to encourage small companies to maintain employees employed in the course of the coronavirus pandemic.
Mohan at the moment serves as chief expertise officer at BuildDirect.com Applied sciences Inc., a web site that connects folks with dwelling contractors, in accordance with its web site. Earlier than that, he labored for Amazon.com Inc. and Microsoft Corp., in accordance with Mohan’s LinkedIn profile. Mohan and representatives for the businesses didn’t instantly reply to requests for remark.
The federal mortgage paperwork contained a large number of falsehoods, prosecutors stated. In a single utility, Mohan stated considered one of his corporations paid greater than $2.three million for payroll in 2019 and that the corporate had dozens of workers, in accordance with the indictment. In actuality, Mohan acquired possession of the corporate in Might, and it had no workers, in accordance with the US Lawyer in Washington.
Robinhood Markets Inc. supplied information displaying an account belonging to Mohan transferred about $231,000 of the federal cash to the stock-trading app, prosecutors stated.