On Nov. 4, Cory Elliott, owner of CMT Roofing, St. Louis, pleaded guilty to two counts of wire fraud regarding misuse of pandemic-era loans, according to Fox 2 Now. The company is not an NRCA member.
Elliott reportedly made false statements to get two loans from the U.S. Small Business Administration's Paycheck Protection Program, which was created to help employers during the COVID-19 pandemic. One loan worth $875,000 was obtained in April 2020, and a second loan worth $833,000 was obtained in January 2021.
Elliott moved to get the loans forgiven, providing false information by inflating payroll numbers. Both loans were forgiven.
Elliott reportedly used some of the loan funds for various personal expenses, including $150,000 in payments to business units, $2,500 to another company she controlled and $200,000 to a personal investment account.
Federal wire fraud charges are punishable for up to 20 years in prison.
