Popular Bank fined $2.3M by Fed over fraudulent PPP loan approvals
By 
Aaron Nicodemus2023-01-25T17:19:00
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program (PPP) loans despite finding significant indications of possible fraud in the loan applications.
The Fed said Popular Bank failed to report the potential fraud in a timely manner, as required by the Small Business Administration (SBA).
According to the Fed’s order, Popular Bank processed six PPP loans in August 2020 worth $1.1 million, “despite having detected that the loan applications contained significant indicia of potential fraud.”
Related articles
-
ArticleDOJ seeking Rennova Health return pandemic relief funds
The Department of Justice requested Rennova Health repay Covid-19 relief funds it received in 2020 as part of a whistleblower lawsuit against the healthcare services provider alleging ineligible use of the money.
-
ArticleFlorida 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 whistleblower case involving a Paycheck Protection Program loan in which the United States intervened.
-
Article
Prosperity Bank to pay $19K in first PPP lender false claims settlement
Houston-based Prosperity Bank will pay approximately $18,700 to resolve allegations it processed a Paycheck Protection Program loan for an ineligible recipient in what is believed to be a landmark False Claims Act settlement.
More from Regulatory Enforcement
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
-
ArticleGeorgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
-
ArticleTractor Supply Company hit with $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.