RICHMOND, Va. -- A Henrico man faces 20 years in prison after he pleaded guilty to defrauding the Small Business Administration.
Kortney T. Kelley, 45, illegally pocketed $1.1 million in Paycheck Protection Program (PPP) loans in 2020 and 2021.
'Kelley filed at least four fraudulent applications for PPP loans on behalf of his two non-operational companies," a spokesperson for the United States Attorney's Office wrote. "[He] made numerous false representations and certifications about the operation of these two companies, including that the companies - which had no employees - together employed more than 140 workers and paid-out over $220,000 in monthly payroll expenses."
Since there were no companies and employees who needed help, Kelley spent some of the money ($142,711) at casinos and online gaming sites. He added at least $834,077 in loans to his personal brokerage accounts, according to the government.
Kelley is scheduled to be sentenced on May 31, 2023.
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