A man was sentenced to six years in prison Wednesday in Manhattan federal court after pleading guilty to defrauding a program meant to assist struggling small businesses during the COVID-19 pandemic.
Sheng-Wen “Justin” Cheng of Taiwan will serve time for multiple fraud schemes, including some that occurred before the pandemic, according to NBC News. Cheng, who was a New York resident, pled guilty in April.
Authorities say the man applied for over $7 million in aid for small businesses through the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the SBA’s Paycheck Protection Program (“PPP”) and other programs meant to assist Americans struggling financially during the COVID-19 pandemic.
The Internal Revenue Service (IRS) alleges Cheng used fake identities to apply for several of his companies including Alchemy Finance from April to August 2020, according to a press release.