Executive Summary
- Terrance Bradford, 46, pleaded guilty to eight counts of wire fraud for stealing over $500,000 in COVID-19 relief funds.
- Bradford fabricated information on multiple false applications for Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) loans.
- He faces a maximum penalty of 20 years in federal prison for each count and an order of forfeiture totaling $533,648.32.
Laws and Precedent
- Terrance Bradford pleaded guilty to federal wire fraud charges for misusing funds from the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP), which were established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. His sentencing will be determined under federal guidelines, with each count carrying a maximum penalty of 20 years in prison, and he is also subject to a forfeiture order for the stolen funds.
Terrance Bradford, a 46-year-old Tampa resident, has pleaded guilty to eight counts of wire fraud for stealing over $500,000 in COVID-19 relief funds, U.S. Attorney Gregory W. Kehoe announced. Bradford’s scheme involved submitting multiple false applications for Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) loans, which were established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. He now faces a maximum penalty of 20 years in federal prison for each count, with a sentencing date yet to be determined.
Details of the Fraud Scheme
According to court records, Bradford orchestrated a plan to defraud the Small Business Administration (SBA) by fabricating information on numerous loan applications. These federal programs were designed to provide crucial economic assistance to businesses struggling during the pandemic.
Bradford falsely certified his eligibility for the funds, despite being excluded from receiving any federal contracts at the time of his applications. Furthermore, one of his businesses had already filed for bankruptcy, a critical piece of information that would have disqualified him from receiving CARES Act funding had it been truthfully disclosed.
Penalties and Forfeiture
In addition to the potential prison sentence, Bradford is also subject to an order of forfeiture totaling $533,648.32. This amount represents the full proceeds derived from the criminal conduct to which he pleaded guilty.
Investigation and Prosecution
The complex case was thoroughly investigated by agents from the Federal Bureau of Investigation (FBI) and the Small Business Administration – Office of Inspector General (SBA-OIG). Assistant United States Attorney Merrilyn Hoenemeyer is prosecuting the case.
This guilty plea underscores the Department of Justice’s ongoing commitment to prosecuting individuals who fraudulently exploit federal relief programs intended to support communities during national emergencies. The outcome serves as a stark reminder of the severe consequences awaiting those who attempt to defraud government initiatives.
