EUGENE, OR — An Oregon man is in prison and out millions of dollars in stock and properties after falsely applying for and receiving Covid-relief funds.
Andrew Aaron Lloyd, 51, of Lebanon, OR, was sentenced to four years in prison and five years’ supervision upon release, the Department of Justice said today.
“Lloyd took advantage of economic relief programs,” the DoJ said in a news release.
On top of the sentence, LLoyd was ordered to pay $4 million in restitution and to hand over 25 properties and more than 15,000 Tesla shares.
Tesla shares were worth $1,022.32 each as of 2 p.m. today.
Lloyd submitted loan applications for financial assistance under the Coronavirus Aid, Relief, and Economic Security Act in April 2020, according to court documents.
Lloyd’s applications used personal information of relatives and business associates without their consent.
He submitted false documentation, including IRS forms that claimed businesses under his control paid as much as $4.7 million to employees in 2019.
Information such as physical addresses and employee names were repeated for different businesses.
Lloyd submitted nine applications to the Paycheck Protection Program. He received more than $3.4 million in payouts.
He also received $160,000 for one Economic Injury Disaster Loan.
Lloyd transferred more than $1.8 million of the PPP loans to his brokerage account, and bought more than 25 properties in Oregon and California.
Federal agents seized his brokerage account, including over 15,000 Tesla shares, in January 2021.
They seized another account with more than $660,000 in securities and cash in March.
The total value of securities and cash seized was more than $18 million.
Lloyd was charged with bank fraud, money laundering, and aggravated identity theft on June 6. He pleaded guilty to all three charges.
Lloyd’s accomplice — Russell Anthony Schort, 39, of Myrtle Creek, OR — was charged as well. He pleaded guilty to bank fraud. He was sentenced to federal prison and ordered to pay $294,552 on Nov. 16, 2021.