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Hollywood exec pocketed more than $1.7M in coronavirus PPP funds, authorities say

Added 05-23-20 12:11:02am EST - “A former Hollywood studio executive has been? charged? with pocketing more than $1.7 million in? coronavirus relief funds and using? the money? to pay off his credit card debt and other personal expenses,? federal prosecutors said…” - Foxnews.com

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Posted By TheNewsCommenter: From Foxnews.com: “Hollywood exec pocketed more than $1.7M in coronavirus PPP funds, authorities say”. Below is an excerpt from the article.

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A former Hollywood studio executive has been charged with pocketing more than $1.7 million in coronavirus relief funds and using the money to pay off his credit card debt and other personal expenses, federal prosecutors said Friday.

William Sadleir, 66, of Beverly Hills, Calif., the former chairman and chief executive officer of Aviron Pictures, faces federal charges of wire fraud, bank fraud, making false statements to a financial institution, and making false statements to the Small Business Administration, the Justice Department said.

The complaint, filed Thursday in the Central District of California, alleges Sadleir filed forgivable bank loan applications seeking more than $1.7 million under the Paycheck Protection Program. The federal program was implemented to help small businesses stay afloat amid the COVID-19 crisis that has shattered the global economy.

“This film producer allegedly made a series of misrepresentations to a bank and the Small Business Administration to illegally secure taxpayer money that he then used to fund his nearly empty personal bank account,” U.S. Attorney Nick Hanna of the Central District of California said in a statement.

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