Secret Service Recovers $286 Million In Stolen Pandemic Loans

WASHINGTON (AP) – The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration.

An investigation initiated by the Secret Service’s Orlando office found that alleged conspirators submitted Economic Injury Disaster Loan applications by using fake or stolen employment and personal information.

They then used an online bank to conceal and move their criminal proceeds.

The Secret Service worked with the bank to identify roughly 15,000 accounts and seize $286 million connected to the accounts.

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