Jury Convicts WI Man Of Stealing PPP Money, Using Crypto To Launder It

MADISON, WI — A Madison, Wisconsin man has been convicted of Covid-relief fraud, making false statements on loan applications, and using cryptocurrency to launder money.

Eric Upchurch, 36, was found guilty by a jury following a three-day trial in federal court in Madison.

The jury reached a verdict today after approximately five hours of deliberation, authorities said.

In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted to provide immediate financial assistance to individuals, families, and organizations affected by the COVID-19 pandemic.

This legislation authorized the U.S. Small Business Administration to offer Paycheck Protection Program (PPP) forgivable loans to business owners negatively affected by the COVID-19 pandemic.

From April 2020 to April 2021, Upchurch submitted 14 PPP loan applications to the SBA on behalf of his various companies, according to prosecutors.

In each PPP application, Upchurch falsely represented his companies’ payroll expenses and revenues, and submitted false documentation, authorities said.

The SBA subsequently approved 10 of the loans and deposited approximately $400,000 into bank accounts controlled by Upchurch, according to investigators.

Upchurch laundered fraudulently obtained funds by purchasing cryptocurrency, authorities said.