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Georgia man spent $57,000 of COVID relief funds on Pokemon card

Added 10-24-21 11:18:02pm EST - “A Georgia man has been federally charged with wire fraud after spending most of his COVID-19 business relief loan on a single Pokemon card worth $57,789.” - Nypost.com

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Posted By TheNewsCommenter: From Nypost.com: “Georgia man spent $57,000 of COVID relief funds on Pokemon card”. Below is an excerpt from the article.

A Georgia man has been federally charged with wire fraud after spending most of his COVID-19 business relief loan that he had lied about on a single Pokemon card worth $57,789.

Vinath Oudomsine, of Dublin, was supposed to use his Economic Injury Disaster Loan [EIDL] to cover business expenses such as payroll, production costs, debts, or rent — but instead blew nearly all of it on a trading card after lying on his application, according to federal charging documents.

Prosecutors said In July 2020, Oudomsine falsely applied for the EIDL, indicating that he had operated a business that had existed since 2018 with ten employees on his payroll and yearly revenues of $235,000. Prosecutors did not indicate what kind of business he purported to own.

The Small Business Association deposited $85,000 into a bank account belonging to Oudomsine in August of 2020, the document said.

Congress passed the Coronavirus Aid, Relief, and Economic Security [C.A.R.E.S.] Act, in March 2020, which greatly expanded eligibility for businesses to receive small business loans.

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