Beginning in April of 2020, Andrew Lloyd of Lebanon, Oregon, began applying through the Economic Injury Disaster Loans and Paycheck Protection Program for various loans. Both programs were created within the Coronavirus Aid, Relief, and Economic Security Act to provide emergency financial relief for businesses during the COVID-19 lockdown.
Lloyd applied for loans at multiple financial institutions using several different business names, as well as using the names of relatives and business associates without consent. In total, Lloyd received six PPP loans for a combined sum of over $3.4 million. His EIDL total came to $160,000.
In all, Lloyd came away with nearly $2 million, that he put into an E-Trade account with which he bought 15,000 shared of stock in Tesla. He also bought 23 properties.
When his brokerage account was seized in January of 2021, they found that it was valued at over $11 million. On January 5, Lloyd was charged with wire fraud, bank fraud, and money laundering. On June 6, he was charged with superseding criminal information with bank fraud, money laundering, and aggravated identity theft.
Lloyd has pleaded guilty to bank fraud, money laundering, and aggravated identity theft, according to the U.S. Attorney’s Office, District of Oregon. He will be required to pay $3.6 million in restitution to the US Treasury Department. All assets obtained through the fraud are forfeit.
Russell Schort of Myrtle Creek has been charged as an accomplice to Lloyd. He is expected to plead guilty July 1.