A tax preparer from St. Louis County has admitted to obtaining at least $1.2 million in fraudulent pandemic relief loans for herself and others between 2020 and 2021.
Nacole M. Taylor, 43, pleaded guilty on Thursday to three counts of wire fraud and one count of engaging in an unlawful monetary transaction.
According to court documents, Taylor submitted at least 15 fraudulent Paycheck Protection Program (PPP) loan applications for eight Missouri corporations where she was the registered agent. Of these businesses, only Accurate Tax LLC and 4th Generation Home Care Services LLC reported any income. The other companies were created solely to apply for PPP loans, with bank accounts opened for that purpose. The applications included inflated payroll and income figures as well as false tax forms allegedly prepared by Accurate Tax. Taylor received approximately $255,114 in PPP loans through this scheme.
Taylor later applied for loan forgiveness on many of the loans, falsely claiming the funds had been used for payroll expenses. She spent the proceeds on personal purchases such as luxury items from Louis Vuitton, Gucci, Vincent’s Jewelers, Fendi, and Nordstrom.
Additionally, Taylor recruited others—including clients of Accurate Tax—to allow her to submit fraudulent PPP and COVID-19 Economic Injury Disaster Loan (EIDL) applications in their names in exchange for kickbacks. Together with co-conspirators, she either used existing businesses or created fictitious ones to apply for these loans. She fabricated payroll data and supplied fake tax forms to support the applications. In total, Taylor submitted at least 24 fraudulent applications on behalf of co-conspirators and obtained at least $986,659 in loans; she received a minimum of $152,205 in kickbacks.
Taylor is scheduled to be sentenced on June 9. Wire fraud carries a maximum penalty of up to 20 years in prison while the unlawful monetary transaction charge can result in up to 10 years imprisonment. She will also be required to repay the stolen funds.
The case was investigated by IRS – Criminal Investigation and the Social Security Administration Office of Inspector General. Assistant U.S. Attorney Jonathan Clow is prosecuting.
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