DEEPWATER, Mo. — A man from Deepwater, Missouri pleaded guilty for fraudulently getting more than $500,000 through Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Brian Ruth, Sr., 44, admitted he applied online for PPP loans for three separate business entities. He claimed the businesses were operational and employeed several individuals when the businesses were actually not open and didn’t employ any other individuals.
According to the United States Department of Justice, Ruth was approved and received $522,765 from PPP. The money was wired to his bank accounts and was used to purchase the following products:
- A 2016 Cadillac.
- A 2020 Dodge Charger.
- A 2017 Dodge Challenger.
In order to obtain the Challenger, Ruth traded the Cadillac and the Charger along with $27,415.
Ruth is facing up to 40 years in federal prison without parole. His sentencing hearing will be scheduled after the investigation by the United States Probation Office is complete.