Fraudster from Maryland swindles $523,700 – faces 20 years in prison!

Fraudster from Maryland swindles $523,700 – faces 20 years in prison!

Edward McCorkle, a 37-year-old from Baltimore County, Maryland, has pleaded guilty to wire fraud. This involved fraudulently redirecting COVID-19 loans that he used for personal expenses and real estate purchases. According to Daily Hodl, McCorkle faces a possible sentence of up to 20 years in prison, followed by three years of probation.

McCorkle and an accomplice had defrauded various financial institutions to apply for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loans. His fraudulent efforts aimed to secure a total of $946,500 in fake loans. Ultimately, however, he was able to steal $523,700, which he used for personal purposes.

Fraudulent use of loans

The indictment alleges that McCorkle provided false information about employers in his loan applications and filed false tax returns. The funds used went into several personal purchases, including property rehabilitation, credit card repayments and large cash withdrawals.

Some notable transactions include:

• 5. Juni: Über 98.000 Dollar abgehoben, darunter ein Scheck über 49.100 Dollar, der an McCorkle ausgestellt war.
• 15. Juni: Zwei Abhebungen in Höhe von über 28.000 Dollar.
• 19. Juni: Eine Abhebung von 14.500 Dollar.

The remaining loan funds were accessed through cash withdrawals, debit card purchases and electronic payments from June to September. By October 1st, the account balance was only about $3,400.

This case represents a further indication of the wide-ranging problems surrounding fraudulent activity during the COVID-19 pandemic. McCorkle's claims show how some individuals have benefited from the emergency measures originally intended to help companies and individuals in financial distress.

The government investigation continues as McCorkle prepares to face a potentially drastic penalty that could further erode confidence in the integrity of the loan programs.