Texas man charged with using coronavirus relief funds to invest in crypto
July 14, 2020, 1:16PM EDT
1 min read
A Texas resident has been charged by U.S. officials with using government funds from a coronavirus-related relief program to trade cryptocurrencies.
In a June 14 press statement, the Department of Justice alleged that Joshua Thomas Argires "fraudulently obtained more than $1.1 million in Paycheck Protection Program (PPP) loans" by filing false applications on behalf of two companies, Texas Barbecue and Houston Landscaping. CoinDesk first covered the charges.
Argires alleged claimed that both companies in question had employees and payroll expenses to cover. But as the Department of Justice noted:
"According to the complaint, neither Texas Barbecue nor Houston Landscaping has employees or pays wages consistent with the amounts claimed in the PPP loan applications. The complaint further asserts that both of these loans were funded, but that none of the funds were used for payroll or other expenses authorized under the PPP. Rather, the funds received on behalf of Texas Barbecue were invested in a cryptocurrency account, while the funds obtained for Houston Landscaping were held in a bank account and slowly depleted via ATM withdrawals, according to the charges."
That cryptocurrency account, according to court documents published by CoinDesk, was on Coinbase's website.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Canadian Securities Administrators, an umbrella group for securities regulators in the country, alongside a self-regulatory organization for the investment industry, has released new guidance for crypto exchanges on the use of social media as well as advertising and marketing.
LMAX Group robust technology and familiar institutional grade trading infrastructure (currently processing over 2 billion orders per day in the global FX market) is the solid backbone of LMAX Digital, delivering access to deep institutional liquidity, transparent price discovery, a regulated trading environment and a full custodian trading solution.