A former financial institution govt used his place on the lender to empty greater than $140,000 from two US authorities packages.
The U.S. Legal professional’s Workplace for the Northern District of Texas says Kaylee Ree Lunn, 37, of Holliday, Texas, has pleaded responsible to at least one depend of wire fraud for working a scheme that siphoned authorities funds by way of fraudulent Paycheck Safety Plan (PPP) loans.
Court docket paperwork present that Lunn abused her place as vice chairman on the Wichita Falls department of Prosperity Financial institution to entry prospects’ private and enterprise monetary info with out their data or consent.
Prosecutors say Lunn used illegally obtained buyer information to use for 4 PPP loans, in addition to a industrial mortgage between 2020 and 2021, whereas claiming that the enterprise entities belonged to her husband.
To extend her possibilities of getting the loans permitted, Lunn admitted she faked or inflated the corporations’ revenue and payroll bills. She additionally diverted over $276,000 in mortgage proceeds to accounts beneath her management. In whole, Lunn obtained over $140,000 in fraudulent PPP loans.
On high of the 48-month jail sentence, Chief United States District Choose Reed C. O’Connor ordered Lunn to pay restitution of $573,444 to the Small Enterprise Administration and over $19,000 to Prosperity Financial institution, previously referred to as First Capital Financial institution.
The Texas-based Prosperity Financial institution is the Fifty fifth-largest financial institution within the US with over $38.38 billion in belongings, in accordance with the Federal Reserve.
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