Florida business settles landmark FCA whistleblower case involving PPP loan
A Florida-based investment fund will pay approximately $22,000 as part of a settlement resolving the first False Claims Act (FCA) whistleblower case involving a Paycheck Protection Program (PPP) loan in which the United States intervened.
Pan African Interchange and its owner, Stanley Damas, applied for two PPP loans on consecutive days in May 2020 and received the two loans in June 2020, according to a Thursday press release from U.S. Attorney Juan Antonio Gonzalez of the Southern District of Florida. The business had falsely certified it would not receive more than one PPP loan, the Justice Department stated.
Pan African Interchange and Damas repaid $208,332 to the United States, which was the proceeds of the second PPP loan it received. Under the settlement, the firm and Damas must pay an additional $21,583.