A Cape Elizabeth man has agreed to pay a $1,240,500 settlement following allegations that he fraudulently used taxpayer-funded COVID-19 relief money for personal purchases and investments.
[RELATED: Maine Man Pleads Guilty to Fraudulently Obtaining $215,000 in PPP Loans…]
Christopher Hooper, of Cape Elizabeth, reportedly took out a COVID-19 Economic Injury and Disaster Loan (“EIDL”) both personally and through his company, Hooper Consulting.
The low-interest loans were designed to help businesses survive the catastrophic economic effects of the government response to COVID, allowing them to make payroll, pay rent, and continue to operate.
Instead of doing any of those things with the money, Hooper allegedly used the funds for stock trading and personal investments or simply transferred large amounts into his personal bank accounts.
After receiving the loan, Hooper allegedly submitted a hardship application to reduce his monthly loan repayments.
In addition to his investments, he reportedly used the money to pay for a high-end interior decorator, spent $10,000 at a Land Rover dealer, and spent tens of thousands of dollars on home improvements.
