PORTLAND, Maine — A man from Norway, Maine pleaded guilty in a Portland court Monday to filing fraudulent applications for Paycheck Protection Program (PPP) loans.
Court records show 51-year-old Merton Weed Jr. filed eight fraudulent PPP loan applications with different lenders between May 2020 and January 2021, and he received over $240,000 in PPP funds, the U.S. Attorney's Office, District of Maine said in a news release.
"The applications listed false average monthly payrolls and numbers of employees and were supported by false payroll records and bank records," the release stated.
Weed Jr. now faces up to a 20-year prison sentence followed by three years of supervised release and a $250,000 fine, according to the release Monday. He will receive his sentence once the U.S. Probation Office completes a presentence investigative report.
This case was investigated by the FBI.
