Secret Service recovers $286M in stolen pandemic loans

[Yo_Mama_Been_Loggin]

Source: AP

WASHINGTON (AP) — The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration.

The Secret Service said an investigation initiated by its Orlando office found that alleged conspirators submitted Economic Injury Disaster Loan applications by using fake or stolen employment and personal information and used an online bank, Green Dot, to conceal and move their criminal proceeds.

The agency worked with Green Dot to identify roughly 15,000 accounts and seize $286 million connected to the accounts.

“This forfeiture effort and those to come are a direct and necessary response to the unprecedented size and scope of pandemic relief fraud," said Kevin Chambers, director for COVID-19 fraud enforcement at the Justice Department.

Read more: https://www.yahoo.com/news/secret-recovers-286m-stolen-pandemic-143229853.html

[Ferrets are Cool]

1. Help me with my ignorance. Why wold the Secret Service be in charge of recovering this money?

[Yo_Mama_Been_Loggin]

2. It was their original purpose

The U.S. Secret Service, which protects the President, began in 1865. The original purpose of this agency was very different from what it is today.

The U.S. Secret Service was established in 1865– the year President Abraham Lincoln was assassinated. Ironically, this agency was not originally designed to protect the president and other government officials. It would not be until the assassination of another president almost 40 years later that the Secret Service would adopt this duty.

The Early Days of the Secret Service (1865-1901)

The Secret Service began in 1865 as a means of safeguarding the nation’s currency. In fact, prior to twenty-sixth president Theodore Roosevelt’s administration (1901-09), presidential security was provided haphazardly through a mixture of private security, local police officers, and presidential confidants.

https://worldhistory.us/american-history/the-history-of-the-secret-service.php

[Roc2020]

7. Enlightening and interesting

[Ferrets are Cool]

9. Thank you so much. I am now more intellegent.

[bluevoter4life]

4. Secret Service was initially organized under the Dept of the Treasury

In charge of investigating financial crimes. It wasn't until the early 20th century where they were tasked with protecting POTUS. They were re-organized under DHS after 9/11, but they still investigate crimes against the Treasury.

[Initech]

3. Maybe this is why the MAGA nuts are scared of those 87,000 IRS agents?

Don't do the crime if you can't do the time, guys!

[TexasBushwhacker]

8. One of the reasons, yes

But all 87K aren't auditors and that's over 10 years.

[Initech]

10. That's because they only listen to idiots like Hannity, Carlson, Shapiro, Jones, etc...

And don't bother to read beyond the headlines.

[machoneman]

5. Did they start with the dozen R's President Biden called out on PPP loans?

[SunSeeker]

6. They need to check on those PPP loans Boebert and MTG got. nt

Last edited Sat Aug 27, 2022, 01:32 AM - Edit history (1)