Missouri woman sentenced for pandemic loan fraud

Prosecutors with the U.S. Attorney's Office for the Eastern District of Missouri said Rose Shaw, 65, pleaded guilty on Feb. 28, 2022, to one count of bank fraud.

Rose admitted to lying on her Paycheck Protection Program (PPP) applications regarding employee and payroll totals.

The PPP loans were rolled out with the intention of saving jobs at small businesses during the COVID-19 pandemic.

On May 11, 2020, Shaw applied for a loan on behalf of Shaw Investments LLC. She claimed to have seven employees and an average monthly payroll of $44,000. She received a $111,000 loan.

On May 29, 2020, Shaw successfully applied for another PPP, this time on behalf of Shaw Brokerage Real Estate Investment Firm LLC. She claimed the company had seven employees and an average monthly payroll of $54,256. She received a $135,638 loan.

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In August 2020, Shaw submitted a third loan application, for the business Vision LLC. She said this company had seven employees and an average monthly payroll of $44,400. She received another $111,000 loan as a result.

A U.S. District Court judge sentenced Shaw to 27 months in prison and ordered her to repay the $357,000 in stolen funds.