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Owner of Dallas cryptocurrency company charged with PPP fraud

DALLAS (CBSDFW.COM) — The proprietor of a North Texas cryptocurrency firm was federally charged on Wednesday with defrauding the Paycheck Safety Program out of a whole lot of hundreds of {dollars}.

John Corbin Corona, 35, of Dallas, was indicted on Oct. 5, 2022 on one rely every of wire fraud and cash laundering. He was arrested on Monday, Nov. 7, 2022 and made his first look in courtroom on Wednesday.

In response to the indictment, Corona, who owns a cryptocurrency firm known as HODL LLC that operates a supposed funding fund known as Bitcoin Financial institution America, allegedly fraudulently utilized for 2 PPP loans totaling over $413,000 by way of two monetary know-how corporations partnered with lenders.

Corona allegedly inflated his firm’s payroll and lied in regards to the variety of staff in his mortgage functions. He additionally submitted federal tax returns containing false details about HODL LLC.

After Celtic Financial institution deposited $206,902 in PPP loans into Corona’s checking account, he allegedly moved over $155,000 of these funds right into a cryptocurrency alternate.

If he’s convicted, Corona faces as much as 20 years in jail for wire fraud and 10 years for cash laundering. He would even be required to forfeit the proceeds of his scheme.

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