12/01/2021
A criminal complaint was filed in the District of New Jersey charging a dual-resident of New York and Florida, Gregory J. Blotnick with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP).
According to the DOJ, to obtain the loan money, Blotnick submitted eight falsified loan applications to numerous lenders on behalf of five of Blotnick’s businesses, including his New York City-based hedge fund management firm, Brattle Street Capital LLC and related entities. To obtain the PPP loans, Blotnick submitted false information, including the number of his employees, federal tax returns for his businesses, and his payroll documentation, and he certified that he would use the loan money only for business-related purposes.
If convicted, he faces a maximum penalty of 20 years in prison for each count of wire fraud, and a maximum of 10 years in prison for each count of money laundering.
A criminal complaint was filed in the District of New Jersey today charging a dual-resident of New York and Florida with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP).