$3.4M in Fraudulent Reduction Funds Generates $16M Forfeiture of Tesla Inventory

If Google Analytics is to be trusted, we all know that our readers are at all times taken with Tesla, monetary fraud, and ironic justice – and infrequently will we see all three in a single story.

So, I assume now we have to supply some type of gratitude to Lebanon, Oregon’s Andrew Lloyd.

Lloyd’s journey to this unbelievable trifecta of reporting gold began in April 2020. He submitted quite a few CARES Act mortgage purposes utilizing false firm names, phony tax paperwork, and the private info of relations and enterprise associates with out their permission. 

Maybe shocked at how straightforward it was to acquire these preliminary funds, Lloyd would submit a complete of 9 Paycheck Safety Program purposes, with six of them being funded for a complete of $3.4 million. 

However in contrast to different COVID reduction criminals who spent lavishly on sports activities automobiles, properties, jewellery or high-end escorts, Lloyd was accountable, and invested his ill-gotten positive aspects.

After buying greater than 20 properties in Oregon and California, he used the remaining $1.8 million to purchase over 15,000 shares of Tesla inventory, which on the time had been buying and selling for $114/share.

By January of 2021, the FBI was on to Lloyd, most likely as a result of he used the identical info for quite a few his false firms, together with similar worker names and company mailing addresses. 

He, together with a good friend named Russell Schort, had been charged with financial institution fraud, cash laundering and aggravated establish theft.

Lloyd was lately sentenced to 48 months in federal jail. He’ll additionally should pay again the cash he stole, give up the properties he purchased, and forfeit the Tesla inventory, which as of this recording are buying and selling at over $1100/share. That’s a nifty 970 p.c return equal to greater than $17.4 million.

So, if the federal government merely sells the inventory, they will thank Lloyd’s legal actions in realizing a internet acquire of over $15.6 million on the inventory alone – all of which might be bought and transferred again to regulation enforcement.