IDAHO SPRINGS, Colo. — An Idaho Springs man is accused of illegally obtaining more than $1 million by submitting a number of fraudulent Paycheck Protection Program loans, the United States Attorney’s Office announced.
Edward Baker Harrington, 59, was arrested after being indicted by a federal grand jury for wire fraud and money laundering.
According to the indictment, between April 2020 and September 2021, Harrington submitted fraudulent PPP loan applications to seven banks and one lender on behalf of business entities that he purportedly controlled.
Those applications contained a number of false and fraudulent certifications and representations, according to the Department of Justice (DOJ). Harrington was able to obtain more than $1 million as a result of those loans.
He claimed that all PPP funds would be used to pay eligible business expenses, when, in fact, the proceeds were used for his personal benefit to purchase goods and property, including real estate and vehicles, the DOJ said.
Harrington then sought loan forgiveness by submitting applications which included false representations and certifications about his businesses and his compliance with the PPP program rules, according to the DOJ.
PPP, a program administered by the Small Business Administration during the coronavirus pandemic, provided loans to small businesses to retain workers, maintain payroll, and certain other expenses.
Harrington made his first court appearance on Wednesday. He was released from custody but must surrender his passport, court records show.
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