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5 Stems LLCInformation and Alerts
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This business has 1 alert.
Government Action: BBB reports on known government actions involving business’ marketplace conduct:
Two Brothers Charged With COVID Relief Fraud
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government’s allegations, which have not yet been proven.
BUFFALO, NY – U.S. Attorney James P. Kennedy, Jr. and Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division announced today that two brothers were arrested and charged by criminal complaint with wire fraud conspiracy for their alleged participation in a scheme to file fraudulent loan applications seeking nearly $7,000,000 in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Larry Jordan, 42, of Lancaster, NY, and Sutukh El, a/k/a Curtis Jordan, a/k/a Hugo Hurt, 38, of Buffalo, NY, face 20 years in prison and a $250,000 fine if convicted.
The complaint alleges that Larry Jordan and Sutukh El conspired to and did submit at least eight fraudulent loan applications in an attempt to obtain nearly $7,000,000 for their company, 5 Stems Inc. For more details go to the U.S. Attorney’s Office Western District of New York press release.
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