A Des Moines resident, Bryan David Sampica, has been sentenced to 54 months in federal prison for wire fraud and money laundering. According to court documents, Sampica, aged 49, devised a scheme to defraud financial institutions issuing Paycheck Protection Program (PPP) loans between May 2020 and March 2021. He obtained two PPP loans under false pretenses for a company that lacked employees, operations, or payroll.
Sampica misrepresented the company as having around 100 employees with an annual payroll exceeding $1 million. He submitted fraudulent tax documents claiming millions in annual receipts and expenses. The total amount of PPP loans he acquired was nearly $2 million. These funds were used by Sampica to pay off a car loan, transfer money to family members and trust accounts, and purchase a yacht.
Following his imprisonment term, Sampica will serve three years of supervised release; there is no parole in the federal system. Additionally, he has been ordered to pay restitution amounting to $1,978,345.82.
IRS-Criminal Investigation Special Agent in Charge William Steenson commented on the case: “It’s unfortunate that a relief program such as the Paycheck Protection Program was targeted by fraudsters looking to enrich themselves.” He added that Sampica used taxpayer funds for personal luxuries while legitimate businesses struggled during the pandemic.
The announcement was made by United States Attorney Richard D. Westphal of the Southern District of Iowa. The Internal Revenue Service-Criminal Investigation conducted the investigation into this case.
The Fraud Section leads efforts against schemes exploiting the PPP since the CARES Act's inception. It has prosecuted over 150 defendants across more than 95 criminal cases and seized over $75 million from fraudulently obtained PPP funds along with real estate properties and luxury items purchased with these proceeds.
For further details on actions against COVID-19 related frauds: https://www.justice.gov/opa/pr/justice-department-takes-action-against-covid-19-fraud