A Manassas, Va., business executive admitted that he and others bilked more than $7.6 million from coronavirus relief programs and that he spent much of the money on home mortgage payments, tuition for his children, cars and cryptocurrency investments.
In 2022, prosecutors with the attorney’s office charged more than 50 people in 26 fraud schemes related to the coronavirus pandemic, involving attempts to siphon nearly $125 million from the U.S. government, according to statistics released by U.S. Attorney Jessica D. Aber last year.Gilcher described Magee as an impresario with highflying credentials.
But Gilcher said he called him “Doctor Magee,” and took direction from him on falsifying documents that were then sent to TD Bank and the Small Business Administration, which manages the EIDL program. Gilcher’s attorney, Christopher Leibig, declined to comment Friday. Prosecutors said Magee spent his cut of the money on a mix of personal expenses, including renovations of his Manassas home and “substantial” mortgage payments on the property, which was in pre-foreclosure before the scheme, according to court records. He also invested in cryptocurrency and on the E-Trade platform, bought cars, made tuition payments for his children, and paid himself and family members money via a payroll software, Magee admitted.
“Magee had access to the books and records of all the entities,” according to documents filed with Magee’s guilty plea. He inflated the number of employees each entity claimed, as well as quarterly and annual payroll figures and revenue totals, prosecutors said. He fabricated IRS business tax returns, then falsely claimed in loan applications that those returns had been filed with U.S. tax officials, Magee admitted.
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