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A New York City investment manager has been charged with stealing over $2.4 million through PPP loans

Added 04-18-21 12:14:02am EST - “Gregory Blotnick is accused of transferring a "vast majority" of the money he got from five PPP loans to his personal trading accounts.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “A New York City investment manager has been charged with stealing over $2.4 million through PPP loans”. Below is an excerpt from the article.

A New York City investment manager was charged Friday with stealing more than $2.4 million from five lending institutions through Payment Protection Program loans, prosecutors said in a statement.

Gregory Blotnick, 33, is accused of applying for five separate PPP loans between April 2020 and August 2020, and lying about the number of employees he had at his companies, Brattle Street Capital LLC and BSC Management LLC.

While the loans were meant to cover payroll costs, prosecutors accused Blotnick of instead transferring a "vast majority" of the money to his personal trading accounts and losing it in the market.

"As alleged, Mr. Blotnick repeatedly took advantage of a system intended to provide lifelines to small businesses and their employees during the height of the COVID-19 pandemic," Manhattan District Attorney Cyrus Vance said in a statement. 

Blotnick has been charged with five counts of second-degree grand larceny, five counts of second-degree criminal possession of stolen property, and one count of first-degree scheme to defraud.

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