A Kansas City, Mo., woman has pleaded guilty in federal court to her involvement in two separate conspiracies that led to more than $900,000 in fraudulent Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Renetta Golden-Larimore, 55, entered her guilty plea before U.S. District Judge Brian C. Wimes to two counts of conspiracy to commit wire fraud, as charged in two federal indictments.
The CARES Act created several temporary programs to address the COVID-19 pandemic’s economic impact, including the PPP, which authorized forgivable loans to small businesses to retain workers, maintain payroll, and cover certain expenses.
Golden-Larimore admitted that from February 2021 to May 2022, she conspired with others to submit false and fraudulent PPP loan applications, resulting in over $900,000 in loans issued to ineligible borrowers. Some of these loans were forgiven despite the funds not being used for the specified purposes.
Golden-Larimore acknowledged that she prepared and filed fraudulent PPP loan applications on behalf of others, charging fees between $2,000 and $7,000 per application, and earned at least $75,833 from the scheme. She created counterfeit IRS forms for nonexistent businesses and inflated income statements for existing businesses to qualify for the loans.
In total, Golden-Larimore prepared approximately 43 false PPP loan applications that were funded and numerous other false applications that were rejected. The scheme caused a loss of $908,278 to the Small Business Administration.
Twenty other individuals have been charged and convicted in connection with Golden-Larimore’s fraud scheme.
Under the terms of her plea agreement, Golden-Larimore must forfeit at least $75,833 to the government, representing her personal proceeds from the scheme, and pay $908,278 in restitution to the Small Business Administration.
Golden-Larimore faces up to 20 years in federal prison without parole. The final sentence will be determined by the court based on advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after a presentence investigation by the United States Probation Office.
The case is being prosecuted by Assistant U.S. Attorney Paul S. Becker and was investigated by IRS-Criminal Investigation and the Kansas City, Mo., Police Department.
