Florida Adviser SENTENCED Over COVID Loans As Feds SEIZE $7.3 Million

A former Jacksonville investment adviser was sentenced to six and a half years in federal prison after prosecutors say he took four Paycheck Protection Program loans for shell companies and moved the money into options trading and cash withdrawals. He was ordered to forfeit more than $7.3 million and pay more than $5.1 million in restitution. His case was part of a national sweep announced in September 2026: more than 160 defendants, about $245 million in intended loss, and 870,000 borrowers suspended by the Small Business Administration over roughly $39 billion in suspected pandemic loan fraud. In this video: How the Jacksonville case worked, according to court records The Winter Haven case: fake payroll, forgiven loans and $680,000 in IRS refunds (7-year sentence) A former Jacksonville pastor who pleaded guilty, and smaller cases across the Tampa area What an SBA suspension means, and why it is not a criminal charge Anyone charged but not convicted, including Michael Harvey of Tampa, is presumed innocent unless proven guilty in court. Most suspended borrowers have not been charged with a crime. Sources: U.S. Attorney's Office, Middle District of Florida / IRS Criminal Investigation (Sept. 14, 2026) · U.S. Small Business Administration · U.S. Department of Justice. News clips are used for commentary, criticism and reporting under fair use. #Florida #PPP #COVIDFraud #Jacksonville #News