KANSAS CITY, Mo. — A Kansas City-area woman pleaded guilty to charges connected to loan fraud with the federal Payroll Protection Program intended to help small businesses during the COVID-19 pandemic.
Venester Fayne, 57, pleaded guilty to one count of wire fraud and one count of money laundering.
In May of 2020, Fayne applied to the program on behalf of the company that she controlled.
She admitted that she submitted fraudulent federal income tax documents with false information about the company's gross sales.
The documents had never been filed with the IRS.
In addition to the PPP loans, Fayne fraudulently obtained an Economic Injury Disaster Loan through the U.S. Small Business Administration for a total of $600,284.00
Fayne spent most of the money on personal expenses like jewelry and other luxury items.
She is scheduled to be sentenced on February 18, 2025, and faces a maximum penalty of 30 years in prison.
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