(Heart of Illinois ABC) — A Saint Augustine, Illinois man was indicted by a federal grand jury for allegedly committing one count of bank fraud and two counts of wire fraud from as early as April 2020 through this year.
The indictment unsealed Friday, October 29, against Michael L. Patch, 64, of the 100 block of West 3rd Street, alleges Patch was the owner and operator of a now-defunct restaurant named the Vernon Street Grill located in Farmington and maintained a bank account for the business at the Bank of Farmington.
The release from the Department of Justice alleges that in or around April 2020, he applied for certain types of funding and programs related to the COVID-19 pandemic, including PPP and the Economic Injury Disaster Loan.
The indictment asserts that through use of false and inflated gross receipts and payroll numbers, Patch was able to qualify for funding from the PPP and EIDL programs.
The indictment further alleges that Patch knowingly provided loan documents to the Bank of Farmington containing materially false information for the purpose of receiving a loan through the PPP program, along with submitting a fraudulent loan application to the Small Business Administration for the purpose of obtaining funds from the EIDL program.
Patch was released on bond, and his next court appearance will be December 8.
If convicted, the maximum statutory penalties for the alleged crimes charged are up to 30 years imprisonment, a $250,000 fine, and up to five years of supervised release for the bank fraud charge, and up to 20 years imprisonment, a $250,000 fine and up to three years of supervised release for each wire fraud count.
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October 30, 2021 at 03:32AM
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Knox County man charged with bank, wire fraud related to theft of COVID-19 funds - HOI ABC
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