An Edison resident was sentenced today to 46 months in prison for fraudulently obtaining $1.6 million in federal Paycheck Protection Program (PPP) and Economic Insurance Disaster Loan (EIDL) funds.
Jordan C. Larkins, 32, whose residence is now Somerset, New Jersey, previously pleaded guilty before U.S. District Judge Zahid N. Quraishi to an information charging him with one count of wire fraud, one count of bank fraud, and one count of money laundering.
Judge Quraishi imposed the sentence today in Trenton federal court.
According to documents filed in this case and statements made in court, Larkins perpetrated a scheme to defraud PPP lenders and the SBA by submitting three fraudulent PPP loan applications to three different lenders and 11 fraudulent EIDL applications to SBA
Larkins perpetrated the scheme from May 2020 through July 2020.
The fraudulent applications resulted in a total loss of $1.64 million to the lenders and the SBA. Larkins misused the funds by, among other things, transferring funds to a foreign bank and paying various personal expenses.
In addition to the prison term, Judge Quraishi sentence Larkins to three years of supervised release and order restitution in the amount $ 1.64 million.