Fraudster Drains $1,128,233 From US Government After Faking Company Losses: Department of Justice
A man from Florida drained $1.1 million from the US government after faking a mountain of business losses, according to the U.S. Department of Justice (DOJ).
The agency says 44-year old Sean Eric Thompson has pleaded guilty to multiple felony counts for orchestrating a scheme defrauded the US Small Business Administration (SBA) as well as the United States Bankruptcy Court for the Northern District of Florida.
Court documents reveal that Thompson, who partially owned a restaurant and brewery, received the million-plus dollars after submitting a fraudulent Restaurant Revitalization Fund application to the Small Business Association during Covid-19.
The RRF was a fund created by the government to help keep restaurants, bars and other businesses that served food and drink stay open during the pandemic.
The DOJ says Thompson didn’t actually suffer the losses and transferred a substantial amount of the payout to his investment accounts.
The agency says Thompson then filed a Chapter 7 voluntary bankruptcy petition, omitted information or provided false information and then lied under oath about the matter.
Thompson has been convicted of wire fraud, bankruptcy fraud, making false statements and money laundering. He faces up to 20 years in prison.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana's Abrupt Decline: Underlying Factors and What It Means for Investors
- Solana’s Q3 2025 sell-off reflects strong network performance (80M daily transactions) but a $352.8M company net loss from derivatives and financing costs. - Market sentiment diverged: $113.5B market cap growth vs. 6.87% stock drop post-earnings, driven by macroeconomic risks and regulatory uncertainty. - Upgrades like Alpenglow (150ms finality) and ZK Compression v2 (5,200x cost reduction) position Solana for institutional adoption despite short-term volatility. - Investors face a dilemma: 32.7% DeFi TV
DASH Price Increases by 1.78% Following Significant Insider's Share Sale Filing
- DoorDash’s stock rose 1.78% on Dec 2, 2025, despite a 20.32% weekly drop, showing long-term investor confidence. - Officer Lee Gordon S filed to sell 2,159 shares via Rule 10b5-1 plan, part of routine insider trading strategy . - Director Alfred Lin bought $100M in DASH shares, contrasting with 90-day insider sales of $174.5M. - Institutional investors showed mixed activity, with Panagora buying and Spyglass, Arrowstreet reducing stakes. - Analysts maintain "Moderate Buy" rating, projecting growth amid v
What's Causing the Latest BTC Price Swings: Is It a Macro-Fueled Reevaluation?
- Bitcoin's late 2025 volatility reflects macroeconomic pressures, Fed policy shifts, and regulatory changes impacting institutional demand. - Sharp price swings from $126k to $87k highlight sensitivity to inflation, interest rates, and leveraged trading risks amid delayed economic data. - New U.S. crypto laws and ETF approvals boosted institutional participation, but geopolitical risks and token unlocks maintained uncertainty. - A potential Fed rate cut and stabilizing inflation could reignite risk appeti
The ChainOpera AI Token Collapse: A Cautionary Tale for AI-Powered Cryptocurrency Markets?
- ChainOpera AI (COAI) token's 96% collapse in late 2025 exposed systemic risks in AI-blockchain markets, mirroring 2008 crisis patterns through centralized governance and speculative hype. - COAI's extreme centralization (96% supply in top 10 wallets) and tokenomics (80% locked until 2026) created liquidity crises, undermining blockchain's decentralized ethos. - Regulatory actions intensified post-crash, with SEC/DOJ clarifying custody rules and targeting fraud, yet CLARITY/GENIUS Acts created compliance
Trending news
MoreCrypto prices
More
