The us Department of justice accuses a resident of Texas, Joshua Thomas Argirez, of illegally receiving a social payment for employers in the amount of $1.1 million, which he spent on the purchase of cryptocurrencies.
The Ministry says that a us citizen, Joshua Thomas Argires, received a $1.1 million salary benefit under the government’s “Paycheck Protection Program” (PPP), aimed at supporting employers during the coronavirus pandemic.
According to the lawsuit, Argirez filed an application with the small business Administration on behalf of two firms: Texas Barbecue and Houston Landscaping. He said that both firms employ a large number of employees, and his labor costs are hundreds of thousands of dollars.
However, as it turned out, none of the firms had any debts to employees, and the allocated money was not spent on paying salaries or covering other expenses stipulated by the PPP program. Instead, funds in the amount of $956,250 intended for Texas Barbecue were listed on the cryptocurrency exchange Coinbase.
According to investigators, 19 may Argiris made to the stock exchange five deposits using wire transfer. The money received on behalf of Houston Landscaping was stored in Argirez’s Bank account, while some of the funds were withdrawn through an ATM for personal needs.
Argirez is the only user of an account on the Coinbase exchange, and there is no indication that his account is controlled by another person. Therefore, it will have to bear responsibility for providing false information to a financial institution, fraud and illegal monetary transactions.
Recall that earlier, the CEO of the cryptocurrency exchange OKEx Jay Hao (Jay Hao) suggested that many American citizens are likely to spend government payments to buy bitcoin and other cryptocurrencies.