A local business owner has been indicted in federal court for allegedly fraudulently obtaining Paycheck Protection Program loans and laundering money.
The U-S Department of Justice charged Jason Hemingway with two counts of bank fraud, three counts of money laundering, and two counts of making false statements on loan applications.
Hemingway allegedly applied for two PPP loans of over $158-thousand-dollars each for his business, Principal Transfer Group, LLC, in February and April 2021.
He allegedly misrepresented the ownership and payroll details of the business.
Additionally, he is accused of allegedly laundering the funds by transferring money to another business and moving funds to his personal account and a trading account.
