In addition to the prison term, Judge Neals sentenced Malanga to three years of supervised release and ordered $1.8 million in restitution and $1.8 million in forfeiture. Malanga then diverted some of the proceeds from the loans to fund a business that did not receive PPP loan funds. He submitted at least three PPP loan applications on behalf of three different business entities in which he fabricated the number of employees employed by each business entity, as well as their average monthly payroll. Judge Neals imposed the sentence today in Newark federal court.Īccording to documents filed in the case and statements made in court:įrom April 2020 through August 2020, Malanga submitted false documentation to three lenders to fraudulently obtain approximately $1.8 million in federal COVID-19 emergency relief funds meant for distressed small businesses. Neals to an information charging him with one count of bank fraud and one count of money laundering. Malanga, 39, formerly of Hackettstown, New Jersey, pleaded guilty by videoconference on June 28, 2022, before U.S. Polite, Jr., of the Justice Department’s Criminal Division announced. Sellinger and Assistant Attorney General Kenneth A. – A Warren County, New Jersey, businessman was sentenced today to 36 months in prison for fraudulently obtaining nearly $1.8 million in federal Paycheck Protection Program (PPP) loans, U.S.

The Taylor County War by Ford Fargo