The businessman made millions buying nearly 16,000 shares of Tesla Inc., but lost it all — along with his freedom — when the feds figured out he had bankrolled his investments with proceeds from fr…
By Robert Burnson | BloombergThe businessman from Lebanon, Oregon, made millions buying nearly 16,000 shares of Tesla Inc., but lost it all — along with his freedom — when the feds figured out he had bankrolled his investments with proceeds from fraudulently obtained Covid-relief loans.
Hundreds of people have been prosecuted for falsely obtaining taxpayer-backed funds from plans intended to help small businesses during the pandemic, such as the Paycheck Protection Program. Many of them spent the money, and prosecutors were able to recover only a fraction of it. But that wasn’t the case with Lloyd, where the government got back a lot more than he scammed.
Lloyd, 51, got about $3.4 million by filing fake applications in the names of businesses owned by relatives and associates, all without their knowledge, according to court records. He used some of the proceeds to buy more than 25 pieces of real estate in Oregon and California, prosecutors said. But his biggest windfall came with his 2020 purchase of 15,740 shares of Tesla using government money and a loan from Charles Schawb secured by equities he’d purchased with the stolen cash.Tesla’s stock has skyrocketed since then, handing investors returns of about 50% last year alone. Lloyd’s investment was worth more than $11 million at the time agents seized his shares in January last year, and $16.8 million at the close of trading Thursday.
“Lloyd transferred over $1.8 million of the PPP funds to his E*TRADE Securities brokerage account and purchased securities,” prosecutors said in a court filing. “Fortunately for the government, and for Mr. Lloyd’s restitution obligation discussed below, the value of those securities increased exponentially.”
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