A Houston woman is facing serious prison time after she was accused of using Paycheck Protection loans to fund her lavish lifestyle.
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37-year-old LaDonna Wiggins was indicted earlier this week by the Justice Department where she is accused of bank fraud, money laundering, and submitting false statements to the bank. On Tuesday, a document states Wiggins submitted two PPP loan applications for her two businesses, Wiggins & Graham Enterprise LLC and Pink Lady Line, and received more than $3.6 million. She allegedly used the money to buy two homes, luxury items, and various cars.
The statement says she spent $46,000 at Neiman Marcus, $14,000 at an Apple store, $725,000 for the two homes, and $63,000 at a Chanel boutique.
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“Businesses must use PPP loan proceeds for certain permissible expenses, such as payroll costs, interest on mortgages, rent, and utilities. Interest and principal on PPP loans can be entirely forgiven if the business spent the loan proceeds on these expense items within a designated period of time,” said the Justice Department’s press release.
If convicted, Wiggins faces up to 30 years in prison and will most likely pay the maximum fine of $1 million.