A Delaware woman, Adrienne Ponzo, has pleaded guilty to participating in a scheme to fraudulently obtain more than $1 million in federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL), as announced by U.S. Attorney Alina Habba.
Adrienne Ponzo, aged 50, made her plea before U.S. District Judge Karen M. Williams, admitting to one count of wire fraud conspiracy.
The charges relate to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted in March 2020 to aid Americans financially affected by the COVID-19 pandemic. The CARES Act provided forgivable loans to small businesses for job retention and other expenses through the PPP and authorized the U.S. Small Business Administration (SBA) to offer EIDLs.
To secure a PPP or EIDL loan, businesses needed to provide application information, including employee numbers and financial records. Ponzo conspired with others to defraud the SBA by preparing and submitting fraudulent loan applications. The applications were for companies with minimal or no operations, and Ponzo created fake documents to support the applications.
As a result, 14 fraudulent loans amounting to nearly $1,500,000 were obtained. Ponzo received a portion of the proceeds from the loans.
The wire fraud conspiracy count carries a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. Sentencing is set for August 26, 2025.
U.S. Attorney Habba credited the investigation to agents from various government offices, including the Federal Deposit Insurance Corporation, FBI, Social Security Administration, and U.S. Department of Labor. The case is prosecuted by Assistant U.S. Attorneys Daniel A. Friedman and Jason M. Richardson from the U.S. Attorney’s Office’s Criminal Division in Camden. The defendant remains innocent until proven guilty.
Defense counsel for Ponzo is Troy A. Archie, Esq., based in Cinnaminson, New Jersey.