The ousted chairman of Aviron Pictures was arrested today on federal fraud charges for using $1.7 million in the federal government’s coronavirus-relief Paycheck Protection Program funds for …
agents and other federal officials, the Department of Justice revealed. He allegedly filed applications for loans under the names of various Aviron entities through JPMorgan Chase – but not for the reasons he stated.
According to the affadavit, authorities have linked Sadleir to the three PPP loan applications made on behalf of the three Aviron entities. All three applications claimed each company had 33 employees and monthly payroll expenses of well over $200,000. On April 30, JPMorgan Chase approved the loan applications, and the next day money was wired to nearly-empty JPMorgan Chase bank accounts associated with the three entities.
“This film producer allegedly made a series of misrepresentations to a bank and the Small Business Administration to illegally secure taxpayer money that he then used to fund his nearly empty personal bank account,” said U.S Attorney Nick Hanna on Friday in a statement “The Paycheck Protection Program was implemented to help small businesses stay afloat during the financial crisis, and we will act swiftly against those who abuse the program for their own personal gain.
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