Caleb Walsh of Apollo Beach has been charged by federal indictment with bank fraud, wire fraud, and illegal monetary transactions, according to a March 17 announcement by U.S. Attorney Gregory W. Kehoe. If convicted on all counts, Walsh could face up to 30 years in federal prison.
The case centers on allegations that between March 2020 and March 2021, Walsh submitted false Paycheck Protection Program (PPP) loan applications for companies he controlled. The indictment states that he misrepresented employee numbers and payroll costs, and falsely certified the use of PPP funds for eligible expenses. Prosecutors allege that Walsh also submitted fraudulent IRS tax forms and altered or fictitious bank statements as part of his scheme.
Authorities say the illegally obtained PPP funds were used to purchase a Mercedes Benz G-Wagon, invest in a hotel in Nebraska, buy cryptocurrency, and pay for private jet flights to Mexico for himself and his family. The United States intends to seek forfeiture of these assets if they are proven traceable to the alleged offenses.
The indictment is a formal charge; Walsh is presumed innocent unless proven guilty in court.
This case was investigated by several agencies including the Federal Deposit Insurance Corporation – Office of Inspector General, IRS Criminal Investigation, the Federal Bureau of Investigation, and the U.S. Small Business Administration – Office of Inspector General. Special Assistant United States Attorney Chris Poor will prosecute the case.
In May 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to coordinate efforts across government agencies against pandemic-related fraud. The task force aims to investigate major offenders and help prevent future abuse of relief programs through information sharing and enhanced enforcement mechanisms.
Anyone with information about attempted COVID-19 fraud can report it through the Justice Department’s National Center for Disaster Fraud Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.
