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Westlaw News

New York man charged with $7 million COVID relief fraud scheme

A Taiwanese man living in Manhattan was arrested Tuesday on charges of scheming to get millions of dollars in government-guaranteed loans through the federal COVID small business relief program, federal prosecutors announced.

In a complaint filed in Manhattan federal court, prosecutors said Sheng-Wen Cheng, 24, used others’ identities in applying for loans from five financial institutions through the Paycheck Protection Program and Economic Industry Disaster Loan Program, and managed to obtain $2.8 million of the more than $7 million he sought by the time he was arrested.

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