The Legal Examiner Features Braden Perry in CARES Act Fraud Article
Braden Perry, among other experts, was quoted in The Legal Examiner on the current CARES Act fraud in connection to the COVID-19 crisis.
Small business owners worry as Congress works to root out CARES Act fraud connected to billions in business loans awarded during the recent pandemic. Investigations are heating up as they examine which businesses may have committed fraud by taking the Paycheck Protection Program (PPP) loans under false pretenses.
Generally, Perry said if you misstated something intentionally on a loan application, it doesn’t matter the extent of those misstatements. “It is bank fraud if you intended to do that.”
So, for example, if a company had 20 employees, but claimed 25, it does not just get to correct the application for those five employees. It needs to return the entire loan, Perry said. “The fact you misstated, you should return the entire amount of it or face the consequences.”
To read this article in full: https://www.legalexaminer.news/2020/09/cares-act-fraud-not-easy-to-define/
About Kennyhertz Perry’s Financial Services practice group:
Kennyhertz Perry integrates broad regulatory expertise, including compliance and enforcement, with the transactional practices to which that expertise is critical. We are called upon by businesses who need help navigating current and future regulatory challenges stemming from the global financial crisis. To assist our clients in understanding the issues that will affect their industries, entities and transactions, we understand the impact of regulations and requirements of both The Dodd-Frank Wall Street Reform and Consumer Protection Act and a wide variety of U.S. and foreign regulatory reforms targeting investment business and market structures, alternative investment fund managers, private equity and others, central clearing and exchange-trading of derivatives, market abuse and insider dealing, capital regimes, and commodity derivatives.
Kennyhertz Perry attorneys also have broad BSA/AML experience across the spectrum of bank and non-bank financial institutions. These include traditional chartered banks, broker-dealers, commodity trading advisors, money transmitters, non-bank lenders, and virtual currency businesses. We are experienced in counseling and drafting BSA/AML practices, policies, and procedures. Our combined knowledge and skill permit us to anticipate potential problems before they become serious issues and assist clients in responding effectively to regulatory and law enforcement criticisms or inquiries.
Kennyhertz Perry regularly counsels lenders, investment advisers, broker-dealers, and fund managers on the laws, rules, and regulatory developments affecting their business, including regulatory requirements, risk management, licensing and registration, sales and marketing practices and materials, manuals and training, day-to-day compliance.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
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