An Issaquah resident is facing charges of fraud after allegedly attempting to secure small business loans through fraudulent means. | Pixabay
An Issaquah resident is facing charges of fraud after allegedly attempting to secure small business loans through fraudulent means. | Pixabay
An Issaquah resident has been charged of fraudulently applying for small business loans in the amount of $1.5 million.
Baoke Zhang, 35, allegedly filled out applications for two loans, claiming fake payroll expenses with his non-existent information technology companies, the New York Post reported. The software engineer is facing charges of wire fraud and bank fraud. It's uncertain if he has obtained counsel for the charges.
“The defendant allegedly submitted false documents in a brazen scheme to acquire over 1.5 million dollars in loan funds made available for legitimate businesses adversely affected by COVID-19,” Assistant Attorney General Brian Benczkowski told the New York Post. “The department and our law enforcement partners will continue to identify and bring to justice those who commit fraud on CARES Act programs.”
Complicating Zhang’s effort was the fact he allegedly submitted documents indicating the IRS has assigned Employee Identification Numbers for his businesses in 2017 and 2018, according to the New York Post. In actuality, it has assigned one for each business in April, shortly before he applied for the loans.
Alerts Sign-up