DALLAS (CBSDFW.COM) — The owner of a North Texas cryptocurrency company was federally charged on Wednesday with defrauding the Paycheck Protection Program out of hundreds of thousands of dollars.
John Corbin Corona, 35, of Dallas, was indicted on Oct. 5, 2022 on one count each of wire fraud and money laundering. He was arrested on Monday, Nov. 7, 2022 and made his first appearance in court on Wednesday.
According to the indictment, Corona, who owns a cryptocurrency company called HODL LLC that operates a supposed investment fund called Bitcoin Bank America, allegedly fraudulently applied for two PPP loans totaling over $413,000 through two financial technology companies partnered with lenders.
Corona allegedly inflated his company’s payroll and lied about the number of employees in his loan applications. He also submitted federal tax returns containing false information about HODL LLC.
After Celtic Bank deposited $206,902 in PPP loans into Corona’s bank account, he allegedly moved over $155,000 of those funds into a cryptocurrency exchange.
If he is convicted, Corona faces up to 20 years in prison for wire fraud and 10 years for money laundering. He would also be required to forfeit the proceeds of his scheme.
source : fastmlsflyers.com