Ryan Turtle, a business owner from Memphis, Tennessee, has agreed to pay $1,731,200 to the United States government. This settlement resolves allegations that Turtle misused COVID-19 Economic Injury Disaster Loan (EIDL) funds obtained from the Small Business Administration (SBA) during the pandemic.
The announcement was made by Michael A. Bennett, United States Attorney for the Western District of Kentucky. "COVID-19 EIDL funds were intended to help small business owners during difficult economic times and taking advantage of this program will not be tolerated," said U.S. Attorney Bennett. He emphasized that their office is committed to recovering taxpayer money that has been misused.
The SBA provided EIDLs to small businesses for use as "working capital" during the pandemic. Turtle owned the Turtle Company, a Kentucky corporation operating Little Caesars franchises in Western Kentucky. On October 27, 2021, he submitted an Amended Loan Authorization and Agreement with the SBA, certifying that he would use the loan proceeds as required.
However, it is alleged that instead of using these funds as intended, Turtle transferred them into various cryptocurrency accounts shortly after receiving them from the SBA. The United States contends this action unjustly enriched Turtle.
Assistant U.S. Attorney Matt Weyand handled this matter for the United States.
The claims resolved by this settlement are allegations.
