Somerset County Man Sentenced In $1.6M COVID-19 Loan Scheme: Feds

SOMERSET, NJ - A Somerset County man was sentenced Wednesday to over three years in prison for fraudulently obtaining $1.6 million in federal Paycheck Protection Program (PPP) and Economic Insurance Disaster Loan (EIDL) funds, federal authorities said.

Jordan C. Larkins, 32, of Somerset, previously pleaded guilty before U.S. District Judge Zahid N. Quraishi to one count of wire fraud, one count of bank fraud and one count of money laundering, U.S. Attorney Philip R. Sellinger said. In addition to the prison term, Quraishi sentenced Larkins to three years of supervised release and $1.64 million in restitution.

Between May and July 2020, Larkins defrauded PPP lenders and the U.S. Small Business Administration by filing three fraudulent PPP loan applications to three different lenders and 11 fraudulent EIDL applications to SBA, according to documents filed in the case and statements made in court.

The fraud applications resulted in a total loss of $1.64 million to the lenders and the SBA, Sellinger said.

Larkins misused the funds by, including other methods, transferring funds to a foreign bank and paying various personal expenses, Sellinger added.