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Upgrade to Premium Memphis trucking company owner sentenced to federal prison in PPP scheme Brinley Hineman Mon, Nov 18, 2024, 1:46 PM 1 min read Freight Masters Inc. owner Herman Shaw was sentenced to 30 months in prison for his role in a scheme to defraud the Paycheck Protection Program. (Photo: Jim Allen/FreightWaves)
A Memphis, Tennessee, trucking company owner has been sentenced to federal prison after pleading guilty to wire fraud in connection to a scheme to defraud the pandemic-era Paycheck Protection Program.
Herman Shaw, 44, the owner of Freight Masters Inc., pleaded guilty in August and was ordered to pay $782,212 in restitution. He was also sentenced to 30 months in federal prison.
In June 2020, Shaw and a person identified only as L.E. in court documents worked together to submit a false PPP loan application. False information in the application included a fake IRS document regarding the company’s payroll and employees, court documents say.
L.E. received kickbacks of more than $260,000, according to court records.
Shaw used most of the money on personal expenses, including cars and gambling, investigators found.
“Individuals preying on the generosity provided by the Paycheck Protection Program stole money from U.S. taxpayers for personal gain without regard to the economic losses felt around the country,” said acting U.S. Attorney Reagan Fondren in a statement.
The PPP was a program set up during the coronavirus pandemic that provided funds to small businesses to help with payroll and rent.
Freight Masters, listed as inactive by the Federal Motor Carrier Safety Administration, had two power units and two drivers. The company primarily hauled general freight, mail and beverages.
More on PPP fraud:
Missouri man guilty of fraudulently obtaining PPP funds to start trucking company
Trucking bookkeeper already in prison for embezzlement sentenced for PPP fraud
Former trucking company owner in prison after pleading guilty in PPP fraud
The post Memphis trucking company owner sentenced to federal prison in PPP scheme appeared first on FreightWaves.
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