A Des Moines resident, Bryan David Sampica, has been sentenced to 54 months in federal prison for charges of wire fraud and money laundering. Court documents reveal that Sampica, aged 49, orchestrated a scheme to defraud financial institutions issuing Paycheck Protection Program (PPP) loans from May 2020 to March 2021. He obtained two PPP loans under false pretenses for a company without employees or operations, falsely claiming it had around 100 employees and an annual payroll exceeding $1 million.
Sampica further submitted fraudulent tax documents suggesting the company had millions in annual receipts and expenses. The total amount of PPP loans he acquired was nearly $2 million. The funds were used for personal expenditures such as paying off a car loan, transferring money to family members and trust accounts, and purchasing a yacht.
Following his prison term, Sampica will undergo three years of supervised release. Federal sentences do not include parole. Additionally, he must pay restitution amounting to $1,978,345.82.
IRS-Criminal Investigation Special Agent in Charge William Steenson commented on the case: “It’s unfortunate that a relief program such as the Paycheck Protection Program was targeted by fraudsters looking to enrich themselves.” He added that Sampica misused taxpayer funds while legitimate businesses struggled during the pandemic.
The announcement was made by United States Attorney Richard D. Westphal of the Southern District of Iowa. The Internal Revenue Service-Criminal Investigation conducted the investigation.
The Fraud Section leads efforts against schemes exploiting the PPP under the CARES Act. Since its inception, over 150 defendants have been prosecuted in more than 95 cases with over $75 million seized from fraudulently obtained funds.
More information is available at https://www.justice.gov/opa/pr/justice-department-takes-action-against-covid-19-fraud.
