Woman gets jail time, has to repay $357K in pandemic loan fraud

By CNN Newsource

Published November 30, 2022 2:45 PM

By Matt Woods

ST. LOUIS, Missouri (KMOV) — A St. Louis County woman has been sentenced to prison and ordered to repay more than $350,000 in pandemic loan fraud.

Rose Ann Shaw, 65, was sentenced to two years in prison after fraudulently getting $357,000 from Paycheck Protection Program(PPP) loans that were put in place to help small businesses during the COVID-19 pandemic. The U.S. Attorney’s Office in the Eastern District of Missouri said Shaw lied about employee numbers and payroll in three separate loan applications.

Between May and August 2020, Shaw applied for loans for Shaw Investments LLC, Shaw Brokerage Real Estate Investment Firm LLC, and Vision LLC. Prosecutors said Shaw lied on all three, claiming the companies had seven employees and an average monthly payroll between $44,400 and $54,256.

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Article Topic Follows: CNN - Regional

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