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Fraud

Nevada Man Sentenced to 2 Years and 4 Months in Prison for PPP and EIDL Loan Fraud

Strategic Insights

— 2 min read

Brandon Casutt, 52, of Henderson, Nevada, was sentenced to two years and four months in prison for fraudulently obtaining over $500,000 in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program loans, and then laundering the money through family, friends, and others. Casutt submitted multiple false and fraudulent applications to the SBA and four SBA lenders on behalf of two entities he controlled, seeking to fraudulently obtain more than $5.7 million. He laundered the money by writing dozens of fake payroll checks to himself, family members, and friends, and then used the money to buy a house in Henderson.

Key Takeaways:

  • Brandon Casutt was sentenced to 2 years and 4 months in prison for PPP and EIDL loan fraud, which resulted in the loss of over $500,000.
  • Casutt submitted multiple false and fraudulent loan applications to the SBA and four SBA lenders on behalf of two entities he controlled, seeking to fraudulently obtain more than $5.7 million.
  • Casutt laundered the money by writing dozens of fake payroll checks to himself, family members, and friends, and then used the money to buy a house in Henderson.
  • The loan applications affirmed falsely that each entity had numerous employees, significant payroll expenses, and substantial revenue, but in reality, neither entity had employees nor paid any wages.
  • Casutt pleaded guilty to one count of wire fraud and one count of concealment money laundering on August 26, 2020.
  • The IRS-CI and the FBI Las Vegas Field Office investigated the case, and the Fraud Section of the Criminal Division's prosecution team prosecuted the case.
  • Since the inception of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds.

Statistics:

  • Over $500,000 in PPP and EIDL loan fraud losses
  • More than $5.7 million in fraudulently obtained loan funds
  • 52-day prison sentence for Brandon Casutt
  • 2 entities controlled by Casutt that submitted fraudulent loan applications
  • 4 SBA lenders that were defrauded
  • 130+ criminal cases related to PPP fraud prosecuted by the Fraud Section
  • Over $78 million in cash proceeds seized from PPP fraud
  • Over 200 defendants prosecuted for PPP fraud by the Fraud Section

Sources:

  • United States Department of Justice
  • Bureau of Justice Assistance
  • U.S. Federal Bureau of Investigation
  • U.S. Small Business Administration
  • IRS-CI and the FBI Las Vegas Field Office
  • Justice.gov
  • Department of Justice's National Center for Disaster Fraud (NCDF) Hotline

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