Tarrant Co. concrete company agrees to pay $1.8M in COVID fund settlement
The Brief
Tarrant County-based Speed Fab Crete agreed to pay the U.S. government $1.8 million to settle a lawsuit accusing them of fraudulently obtaining COVID-19 loans.
The government claimed the company took out a $1.17 million loan while the company's owners were facing criminal charges, a violation of the Paycheck Protection Program.
In 2020, the company's three owners and its chief financial officer pleaded guilty to hiring undocumented migrant workers.
A Tarrant County concrete company has agreed to pay back more than $1.8 million in fraudulently obtained COVID-19 funds, the U.S. District Attorney's Office said.
The backstory
Speed Fab Crete Corporation, a precast manufacturer in Kennedale, Texas, agreed to pay back more than $1.8 million to settle a lawsuit claiming it fraudulently received loans through the Small Business Administration's Paycheck Protection Program.
Prosecutors claimed the company applied for, and received $1.17 million in loans, while the company's owners were facing criminal charges in violation of the program's rules.
What they're saying
"This office is committed to finding and recovering PPP funds that were obtained by ineligible recipients during the pandemic," Acting United States Attorney Chad E. Meacham said. "We will continue to investigate and take action as necessary to reclaim those funds on behalf of the American taxpayer."
The lawsuit was filed in the District Court of Northern Texas under the whistleblower clause of the False Claims Act.
The False Claims Act allows the government to go after persons that make false claims to the government for up to three times the amount of damages caused to the government.
"This settlement highlights the enhanced efforts of the SBA, working with the Department of Justice, SBA's Office of Inspector General, and other Federal law enforcement agencies, as well as private individuals who have information about possible fraud in connection with PPP loans, to pursue those who violated PPP program requirements and holding them accountable," SBA General Counsel Wendell Davis said.
In 2020, Speed Fab Crete agreed to pay the federal government $3 million in connection with a scheme to hire undocumented migrants illegally.
The company's three owners, its chief financial officer and the owner of a staffing company all pleaded guilty for their roles in the scheme.
The company's CFO was later sentenced to three months in prison and fined $69,000.
The Source
Information in this article comes from the U.S. District Attorney's Office of Northern Texas. Information on the False Claims Act comes from the U.S. Department of Justice. Information about the 2020 hiring scheme comes from Immigration and Customs Enforcement. Information on the 2020 sentencing and fine of Speed Fab Crete comes from the Department of Justice.
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