TAMPA, Fla. — An Apollo Beach businessman was charged with bank fraud for allegedly submitting false tax forms during the COVID-19 pandemic.
According to the indictment, between March 2020 and March 2021, Caleb Walsh allegedly submitted false and fraudulent Paycheck Protection Program (PPP) loan applications in the names of companies he owned. Walsh allegedly misrepresented the number of employees and the average monthly payroll costs for the companies.
Officials said Walsh then used PPP funds he obtained to illegally purchase a luxury vehicle, invest in a hotel in Nebraska, purchase cryptocurrency, and purchase private jet flights to Mexico.
In May 2021, the U.S. Attorney General created the COVID-19 Fraud Enforcement Task Force to combat pandemic-related fraud, and Walsh was charged with bank fraud, wire fraud, and illegal monetary transactions. If convicted, he faces a maximum penalty of 30 years in federal prison.
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