A Delaware resident has admitted her involvement in a scheme to obtain over $1 million in federal financial relief intended for small businesses impacted by the COVID-19 pandemic. Adrienne Ponzo, 50, from Bear, Delaware, pleaded guilty to one count of wire fraud conspiracy as announced by U.S. Attorney Alina Habba.
Ponzo entered her plea before U.S. District Judge Karen M. Williams, facing charges related to fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) applications.
Documents and statements presented in court detail how Ponzo collaborated with accomplices to defraud the federal programs endorsed by the CARES Act. This legislation, enacted in March 2020, aimed to provide economic assistance to Americans affected by the pandemic.
The CARES Act authorized PPP loans to small businesses for job retention and certain expenses, including offering EIDLs up to $2 million for businesses in financial distress. To qualify for either of these loans, businesses were required to supply operational information, which typically included tax returns and bank statements.
Ponzo's fraudulent activities included conspiring with others, creating fake documentation, and submitting misleading applications to the SBA and loan lenders. Her role involved preparing false bank statements and tax records for companies lacking authentic documentation. The conspiracy's operations resulted in about 14 loans totaling nearly $1.5 million.
The wire fraud conspiracy count carries a potential penalty of up to 20 years imprisonment and a fine of $250,000, or double the gross gain or loss from the offense. Sentencing is slated for August 26, 2025.
U.S. Attorney Habba recognized the contributions of several special agents from various federal agencies, including the Federal Deposit Insurance Corporation – Office of the Inspector General, the FBI, the Social Security Administration, and the U.S. Department of Labor, in investigating Ponzo's case.
Assistant U.S. Attorneys Daniel A. Friedman and Jason M. Richardson of the U.S. Attorney’s Office’s Criminal Division in Camden are managing the prosecution. The indictment's charges and allegations remain accusations pending proof of guilt.
