A North Carolina man was sentenced today to 20 months in prison for fraudulently obtaining over $1.7 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
According to court documents, Tristan Bishop Pan, 40, of Garner, submitted numerous fraudulent PPP loan applications to federally insured banks, including on behalf of entities named Pan Insurance Agency, White Walker, Khaleesi, and The Night’s Watch. In support of the fraudulent PPP loan applications, Pan made false statements about the companies’ employees and payroll expenses. The PPP loan applications were supported by fake documents, including falsified tax filings. According to court documents, Pan submitted at least 14 PPP loan applications seeking over $6.1 million and received more than $1.7 million in benefits. Pan pleaded guilty to wire fraud in August 2021.
Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division; U.S. Attorney Michael F. Easley Jr. for the Eastern District of North Carolina; Special Agent in Charge Mark Morini of the U.S. Treasury Inspector General for Tax Administration (TIGTA) – Southeast Field Division; Special Agent in Charge Kyle A. Myles of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG) – Atlanta Region; Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division; and Special Agent in Charge Robert R. Wells of the FBI’s Charlotte Field Office made the announcement.
The TIGTA, FDIC-OIG, and the FBI, with the assistance of the SBA Office of Inspector General, investigated the case.
Assistant Chief Justin M. Woodard of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Ethan A. Ontjes and John Harris for the Eastern District of North Carolina prosecuted the case.
