DOJ: Financial Institutions ‘Strong Partners’ in Detecting, Reporting PPP Fraud

Banks and other financial institutions have been “strong partners” in assisting the Department of Justice and law enforcement detect and investigate potential fraud connected to the Small Business Administration’s Paycheck Protection Program, Acting Assistant Attorney General Brian Rabbitt noted in a press conference today. Institutions also helped safeguard taxpayer funds by freezing funds and accounts linked to suspected fraud cases.

To date, the DOJ has criminally charged 57 individuals with PPP-related fraud amounting to $175 million.  Financial institutions were a “key component of our ability to bring these cases so quickly,” Rabbit noted, adding that the DOJ’s public-private partnerships help “maximize our awareness and visibility of suspicious conduct and our collection of critical evidence.”

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