Business loan

Bloke Uses COVID Business Loan to Buy $ 57,789 Pokémon Card

Shenanigans like this are inevitable. It’s almost a law of science. Wherever there is money, there will always be – always – being a vibrating operator on his own unique wavelength spending it on some insanely stupid shit. The latest textbook example comes from Georgian Vinath Oudomsine, who has been indicted by the US government for using US $ 57,789 (AU $ 77,000) from his COVID business loan on a rare Pokémon card.

Federal prosecutors reveal that the enterprising Mr. Oudomsine took full advantage of the Economic Disaster Lending (EIDL) and falsely asked for money during the 2020 pandemic. Creative accounting was involved when the paperwork demanded the number of people employed – claiming the workforce to be 10 – as well as the company’s gross turnover – claiming the gross figure to be US $ 235,000 (AU $ 313,500).

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Approved for a total of US $ 85,000 (AU $ 113,400), 68% of funds were evidently embezzled soon after. And a year later, Vinath Oudomsine now faces one count of wire fraud, which could mean up to 20 years in prison and a hefty fine of US $ 250,000 (AU $ 333,500) if he is found guilty. The funny thing is, neither court documents nor any media source indicate which Pokémon card was actually purchased using the COVID Business Loan; although some believe it could be a Dark Charizard, which sold for roughly the same price last October.

This is not exactly an isolated incident in the land of the free / house of the brave, or any other country for that matter. Over the past few months, there have been separate reports of 21st century scammers using COVID-related financial aid to fund their weekend party habits as well as a fucking Lamborghini.

Earlier this month, it was estimated that the Small Business Administration (SBA) overpaid US $ 4.5 billion (AU $ 6 billion) in self-employment grants, with US federal watchdogs concluding that “no control system was in place to report requests with flaws. or illogical information. This is to the extent that some have succeeded in falsely claiming that they have a million employees on the job. payroll.

Vinath Oudomsine’s legal representation declined to comment.