NEWARK, N.J. – On Friday, a Brooklyn man was arrested for allegedly fraudulently obtaining over $1 million in relation to a COVID-19 scheme.
U.S. Attorney Philip R. Sellinger made the announcement regarding the arrest of Terrell Fuller, 33.
Documents and statements in court reveal a fraudulent application was made in September 2021 to the Small Business Association (SBA) under the Economic Injury Disaster Loan (EIDL) program.
The SBA disbursed $1.2 million based on this application. Around $400,000 of these funds were deposited into bank accounts, with Fuller being the only authorized signer.
Fuller now faces a wire fraud charge, which carries a potential penalty of 20 years in prison and a significant fine. The investigation was a joint effort of the FBI and IRS – Criminal Investigation, with assistance from other agencies.