George Thacker Pleas Guilty To CARES Act Wire Fraud

Rhea County Man, George Thacker Pleas Guilty To CARES Act Wire Fraud

(STL.News) On April 21, 2022, George Thacker, 59, of Spring City, Tennessee, pleaded guilty to one count of wire fraud related to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.

The CARES Act is a federal law designed to provide emergency financial assistance to the millions of Americans suffering the economic effects brought about by the COVID-19 pandemic. Among other things, it authorized billions of dollars in forgivable loans to small businesses through programs referred to as the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”) Program. The funds from those programs were intended to ensure that small businesses suffering economic impacts related to the coronavirus pandemic could continue to operate and pay expenses, including their employees’ wages.

According to court filings, Thacker applied for and received over $600,000 in PPP and EIDL loan proceeds. When applying for the loans, Thacker falsely certified that he would use the funds to pay employees and for other operating expenses. Instead of using the money to its intended purpose, Thacker used the funds for his own enrichment, among other things, purchasing cryptocurrency and funding his personal investment accounts.

This investigation was led by the United States Secret Service.

Sentencing has been set for September 22, 2022, before the United States District Judge Charles E. Atchley, Jr. Thacker faces a maximum of 20-year prison sentence; $250,000 in fines; and supervised release for three years.

Assistant United States Attorney Kyle J. Wilson represented the United States.