YOU MAY HAVE SEEN TODD SPODEK ON THE NETFLIX SHOW INVENTING ANNA
When you’re facing a federal issue, you need an attorney whose going to be available 24/7 to help you get the results and outcome you need. The value of working with the Spodek Law Group is that we treat each and every client like a member of our family.
Raleigh PPP and EIDL Loan Fraud Lawyers
As the COVID-19 pandemic continues to ravage the economy, small business owners have been faced with a host of challenges, one of which is the threat of prosecution for PPP loan fraud. Unfortunately, several businesses have already found themselves in hot water for misusing federal funds intended to keep their doors open.
On May 13, 2020, a Texas business owner was investigated for fraudulently receiving $10 million in PPP funds to pay 250 employees, only to be found to have no employees at all. The owner faced a litany of charges, including wire fraud, bank fraud, false statements to a financial institution, and false statements to the Small Business Administration.
This is a stark reminder that the Department of Justice is taking a hardline stance against obvious instances of fraud, but businesses should also be aware that criminal and civil enforcement authorities are likely to verify certifications made by companies regarding their need for PPP funds. In other words, even if your fraud isn’t glaringly obvious, you could still face prosecution.
PPP loan fraud is a serious federal crime, and it’s one that small business owners should be aware of. Around 15% of PPP loans have been flagged for suspected fraud, which means that some businesses in need of assistance have been denied it due to others misusing the funds. The feds are taking this issue very seriously and have set up an anonymous tip line for reporting suspected fraud.
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.
If you’ve been accused of PPP loan fraud or suspect that you may be under investigation, it’s crucial to contact a PPP loan lawyer immediately. Spodek Law Group, is a top defense attorney who can explain the charges against you and mount a defense if necessary.
It’s also worth noting that PPP loan fraud carries heavy fines and penalties. Applying to the Paycheck Protection Program with false statements can result in up to 30 years in prison and a fine of $1 million. Additionally, stealing the identity of others to obtain PPP loans is a felony offense with a two-year prison term.
Misusing PPP loans is viewed by the feds as hurting small businesses, which is why they’re taking such a hardline stance against fraud. According to researchers, around $76 billion in PPP loans were taken out illegitimately, which is nearly 10% of the program’s budget.
It’s important to note that the Small Business Administration is still auditing PPP loans, so even if you received your funds more than a year ago, you could still be subject to investigation. All companies that received $2 million or more in PPP loans are subject to audit by the SBA, and other federal agencies are also investigating recipients suspected of fraud. With the SBA stepping up audits and investigations in 2022 and expected to increase in 2023, it’s crucial to have a PPP defense lawyer like Todd Spodek on your side.
Raleigh PPP and EIDL Loan Fraud Lawyers
The Paycheck Protection Program (PPP) was established as a lifesaving measure in the midst of the COVID-19 pandemic through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020. The PPP promised businesses up to $2 million in zero-interest loans, guaranteed by the U.S. Small Business Administration (SBA), to cover essential expenses such as payroll, rent, and utilities. However, the program was met with overwhelming demand, and with an initial endowment of only $350 billion, the funds were depleted in minutes. The additional $310 billion authorized by Congress was exhausted just as quickly. The high volume of applications, coupled with limited regulation, led to accusations of fraud and abuse. To date, the SBA’s Office of Inspector General (OIG) has uncovered widespread fraud and abuse in the PPP loan program through 11 reports. The OIG found that the program lacked proper controls and that many loans may have had eligibility issues, with lenders not always properly verifying payroll costs. The OIG has referred numerous cases of suspected fraud to the Department of Justice for criminal prosecution.
What constitutes PPP loan fraud? Fraud occurs when a party misrepresents facts to the government, leading to improper funding. Common examples of PPP loan fraud include application fraud, using loan proceeds for unauthorized purposes, loan stacking, and misrepresenting eligibility to receive both PPP funding and unemployment benefits. Banks serve as lenders for PPP loans, but they are not responsible for verifying eligibility. However, they may be required to report any suspicious activity to the SBA, including loan stacking. Federal fraud charges require intent to defraud, material misrepresentation, and financial loss. If accused of PPP loan fraud, it is crucial to seek legal counsel immediately.
