A Winchester man was indicted yesterday in connection with allegedly filing fraudulent loan applications seeking more than
According to the indictment, Buoi is the president and CEO of an information technology services company,
The CARES Act is a federal law enacted on
The PPP allows qualifying small-businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1 percent. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent and utilities. The PPP allows the interest and principal on the PPP loan to be forgiven if businesses spend the proceeds on these expenses within a set time period and use at least a certain percentage of the loan towards payroll expenses.
The charge of wire fraud provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.