Previously Charged With Investment Fraud. Read The Complete Federal Filing.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — A Boca Raton man is facing COVID-19 PPP fraud charges following an investigation by the FBI.
Barry Jay Wolf is accused submitting fraudulent applications, then using the money on luxury items, like a BMW and Rolex Watches.
From the complaint filed in United States District Court: (The entire filing is below. If you’re reading in a news app, click here).
Between approximately March 1, 2020, and July 1, 2020, WOLF submitted five fraudulent EIDL applications and two fraudulent PPP applications—seven applications in total, all rife with false and fraudulent misrepresentations. Nonetheless, WOLF received one EIDL advance and two PPP loans. He ultimately received over $500,000 in relief benefits to which he was not entitled.
- After receiving the funds, WOLF spent the majority of the proceeds on personal expenses and luxury items. For example, WOLF spent over $100,000 of the fraud proceeds on one BMW vehicle and two Rolex watches.
- While submitting these fraudulent applications and spending the proceeds on luxury items, WOLF also received hundreds of dollars a week in unemployment benefits from the Florida Department of Economic Opportunity. At the same time he submitted application after application claiming to be an employer of dozens, WOLF also repeatedly claimed to be unemployed and unable to find work.
Wolf, according to the FBI affidavit, claimed simultaneously to be the “employer of dozens” and “repeatedly claimed to unemployed and unable to find work.”
Federal prosecutors say that Wolf is no stranger to criminal proceedings, writing “On May 17th, 2001, Wolf pleaded guilty to twelve counts of mail fraud and one count of commodities fraud based on an investment fraud scheme he orchestrated…”
Read the complete filing, below. If you are reading in a news app and it doesn’t appear, click here.https2Fecf.flsd_.uscourts.gov2Fdoc12F051123151388
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