CHATTANOOGA, Tenn. (AP) — A Tennessee man has pleaded guilty to receiving more than $600,000 in COVID-19 aid and using it for himself, a federal prosecutor’s office said.
George Thacker, 59, of Spring City, pleaded guilty to wire fraud on Thursday, according to the U.S. attorney’s office for the Eastern District of Tennessee.
Thacker applied for and received over $600,000 in paycheck protection program and economic injury disaster loan proceeds, the prosecutor’s office said in a news release.
Thacker certified that he would use the funds to pay employees and for other operating expenses but instead used the money for himself, buying cryptocurrency and funding personal investment accounts, the release said.
He is to be sentenced Sept. 22 and faces up to 20 years in prison and $250,000 in fines.