A man was convicted of "theft by deception" over $400 million of PPP stimulus "fraud." He applied and received funding for 9 entities related to his business, then bragged "ain't nobody touching me" with $400 million in his pocket. He was sentenced to 11 years in prison

The story is a personal and financial horror story for any entrepreneur that has had to navigate the unforgiving PPP (Paycheck Protection Program) stimulus "loopholes" during the pandemic. The PPP was a stimulus program launched in response to the pandemic to help struggling businesses, especially small ones, stay afloat by providing relief in the form of loans.<br><br>One business owner, who was the president of a small Texas staffing company, saw an opportunity to exploit the system. He was accused of "theft by deception" after he received $54 million from the PPP program, according to the indictment filed in federal court.<br><br>Prosecutors say the man, aged 55, applied for the stimulus funds by submitting "false and misleading" information on behalf of his company. He continued to apply for the funds despite the fact that the Small Business Administration had previously "denied" his applications. And then, he made the mistake that would change his life forever.<br><br>After receiving the very first $7 Million, he bragged on Instagram that no one would ever catch him with the stolen money because he was too clever. He even gave away $175,000 to random people "just cause." The indictment described his "brazen fraud" and said he tried to use some of the money for personal expenses.<br><br>He made off with approximately $400 Million, the largest amount of a PPP scam the United States has ever seen. He was sentenced to 133 months in federal prison, ordered to pay $10,139,462.64 in restitution, and assessed a $10,000,000 money judgment.