A Georgia man has been federally charged with wire fraud after spending most of his COVID-19 business relief loan that he had lied about on a single Pokemon card worth $57,789.
Vinath Oudomsine, of Dublin, was supposed to use his Economic Injury Disaster Loan [EIDL] to cover business expenses such as payroll, production costs, debts, or rent — but instead blew nearly all of it on a trading card after lying on his application, according to federal charging documents
Prosecutors said In July 2020, Oudomsine falsely applied for the EIDL, indicating that he had operated a business that had existed since 2018 with ten employees on his payroll and yearly revenues of $235,000. Prosecutors did not indicate what kind of business he purported to own.
The Small Business Association deposited $85,000 into a bank account belonging to Oudomsine in August of 2020, the document said.
In January of this prosecutor say he used most of that money to purchase the unnamed Pokemon card.
Oudomsine faces up to 20 years in federal prison and up to $250,000 in fines.
Congress passed the Coronavirus Aid, Relief, and Economic Security [C.A.R.E.S.] Act, in March 2020, which greatly expanded eligibility for businesses to receive small business loans.