US EditionKeyBank to Pay $7.7 Million Over Fraudulent PPP Loan Allegations
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KeyBank to Pay $7.7 Million Over Fraudulent PPP Loan Allegations
Recently, KeyBank National Association agreed to pay $7.77 million to resolve allegations of fraud related to its handling of Paycheck Protection Program (PPP) loans designed to help small businesses during the pandemic. This settlement highlights significant implications—not just for banking institutions but also for small business owners navigating the continuing fallout from the COVID-19 economic crisis. The U.S. Department of Justice (DOJ) a…
Bank Settles FCA Allegations Related to Branch Manager’s Fraudulent PPP Submissions
An Ohio-headquartered bank recently settled with the U.S. Department of Justice for over $7.7 million, to resolve allegations of vicarious liability for its former branch manager’s criminal actions in facilitating many fraudulent Paycheck Protection Program (PPP) loan submissions through the bank, and allegations that the bank failed to properly respond to the branch manager’s fraudulent scheme, including by submitting the subject loans for forg…
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