| Taiwan
National Sheng Pled Guilty to PPP Fraud
For 78 to 97 Month Deal, Gets 72
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
August 11 – Back on
August 18, 2020 Inner City
Press reported the arrest of
Sheng-Wen Cheng, a Taiwanese
national, for defrauding
Paycheck Protection Program
(“PPP”) and the Economic
Injury Disaster Loan (“EIDL”)
Program.
Cheng
obtained "orders to continue
in the interest of justice" on
September 1, October 1,
November 2, December 2,
January 4, February 3, April 5
- and then scheduled a change
of plea proceeding, at the
same time as the belated
arraignment.
On April 20, 2021, U.S.
District Court for the
Southern District of New
York Judge Alison J.
Nathan held an arraignment and
change of plea proceeding.
Inner City Press covered
it.
The
was stipulated guideline
sentence 78 to 97 months
in prison.
Now on August 11,
SHENG-WEN CHENG, a/k/a “Justin
Cheng,” a/k/a “Justin Jung,”
was sentenced to 72 months in
prison for multiple fraud
schemes he perpetrated.
In particular, CHENG engaged
in a scheme to fraudulently
obtain over $7 million in
Government-guaranteed loans
designed to provide relief to
small businesses during the
COVID-19 pandemic. CHENG
also solicited and obtained
investments in Alchemy Coin
Technology Limited and related
companies controlled by CHENG
through materially false and
misleading statements and
omissions. Finally,
CHENG fraudulently obtained
due diligence fees from dozens
of start-up companies as part
of an advance fee
scheme. CHENG was
sentenced earlier today before
U.S. District Judge Alison J.
Nathan.
This case is US
v. Sheng-Wen Cheng,
20-mj-08698 (Nathan)
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA
Mail: Box 20047, Dag
Hammarskjold Station NY NY 10017
Reporter's mobile (and weekends):
718-716-3540
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2021 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com
|
,
