NFL WR Josh Bellamy arrested for allegedly defrauding government over $ 17 million in COVID-19 PPP loans
Josh Bellamy, 31, who was recently cut by the New York Jets before the start of the season, faces a heavy prison sentence after being accused of participating in a scheme that stole millions of money from PPP loan to government intended to help small businesses during the coronavirus pandemic.
Ex-#Jets WR Josh Bellamy was arrested this morning and charged with wire fraud, bank fraud and more for his alleged role in a scheme to file fraudulent loan applications for more than $ 24 million in PPP loans. It was cut yesterday. More here: https://t.co/J0Ynp2tVyN
– Ian Rapoport (@RapSheet) September 10, 2020
According to TMZ, law enforcement alleges Bellamy would apply for PPP loans for his business using false documents and then recruit others to do the same while taking a share of their profits.
Going through TMZ
The alleged plot is complicated but boils down to this …
Officials believe Bellamy not only applied for PPP loans for his own business based on bogus records … but then recruited others to apply for giant loans – and when that money was received from the government, Bellamy would take a pot -significant wine from the borrower.
Bellamy and his associates reportedly received $ 17 million in loan money from the government, but instead of using it for his businesses, Bellamy used the money to buy extravagant gifts for himself.
The DOJ says NFL player Joshua J. Bellamy, 31, of St. Petersburg, Fla., Has been arrested and charged with obtaining millions of dollars in fraudulent PPP loans. He reportedly purchased more than $ 104,000 of luxury items using the proceeds, including Dior + Gucci. https://t.co/PuDxcnhZ8h
– Eamon Javers (@EamonJavers) September 10, 2020
Prosecutors say neither Bellamy nor his co-conspirators invested any money in their businesses – instead, Bellamy blew a fortune on things like personalized jewelry, designer clothing and travel to the casino.
In fact, officials say Bellamy spent $ 95,000 on personalized jewelry, $ 5,381 at Gucci and $ 2,014 at Dior.
They also claim he lost over $ 62,000 on a recent trip to the Seminole Hard Rock Hotel and Casino.
Of the $ 24 million requested, officials say Bellamy and his co-conspirators received around $ 17.4 million in PPP loans.
Yeah, Bellamy and his friends are going to be in jail for a long time if they are found guilty.