CHATTANOOGA, Tennessee (AP) – A Tennessee man has pleaded guilty to receiving more than $ 600,000 in COVID-19 aid and using it for himself, a federal prosecutor said.
George Thacker, 59, of Spring City, pleaded guilty Thursday to electronic fraud, according to the U.S. Attorney’s Office for the Eastern District of Tennessee.
Thacker applied for and received over $ 600,000 in payroll protection program and proceeds from financial damage disaster loans, the prosecution said in a press release.
Thacker confirmed that he would use the funds to pay employees and for other operating expenses, but instead used the money for himself, buying cryptocurrency and financing personal investment accounts, the statement said.
He is due to be sentenced Sept. 22 and faces up to 20 years in prison and $ 250,000 in fines.
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