ST. LOUIS – A federal grand jury indicted Chris Carroll and George Reed today with three counts of bank fraud and six counts of money laundering.

The indictment charges Chris Carroll and George Reed with 3 counts of bank fraud and 6 counts of money laundering in connection with their company Square One Group’s receipt of two fraudulent Paycheck Protection Program (PPP) loans, one in the amount of more than $1.2 million, and the second loan in the amount of more than $1.6 million.

Get The Latest News!

Don't miss our top stories and need-to-know news everyday in your inbox.

The indictment alleges that Reed and Carroll submitted PPP loan applications in their spouses’ names, rather than their own names, to misrepresent and conceal Carroll’s status as a paroled felon, which would have precluded his company from receiving PPP funds. It is further alleged, that Carroll and Reed did not use the funds to compensate their employees, but instead, used the funds to start a trucking company and to fund $660,000 in payments to themselves. The indictment further alleges that the company suspended their employees’ pay and health insurance coverage after applying for PPP funds.

Article continues after sponsor message

“The Paycheck Protection Program (PPP) was created for the sole purpose of helping businesses keep workers employed during the COVID-19 crisis,” said Special Agent in Charge Richard Quinn of the FBI St. Louis Division. “With finite taxpayer dollars, those who commit fraud against the PPP are taking money from workers who depend on a stable paycheck.”

Charges set forth in the indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

The case was investigated by the Federal Bureau of Investigation.

More like this:

Apr 18, 2024 - Attorney General Raoul Charges Woman For Stealing Nearly $250,000 Through Unclaimed Property Program

Jun 15, 2024 - U.S. Attorney’s Office Observes World Elder Abuse Awareness Day

May 22, 2024 - Three Facing Federal Charges for Metro East Mail Theft Scheme

May 28, 2024 - Nursing Home CNA Facing Federal Charges For Defrauding Elderly Patients  

Apr 17, 2024 - Crowe: Dupo School District Employee Accused of Embezzlement