Former NFL wide receiver Josh Bellamy is facing fraud and conspiracy charges after allegedly obtaining a bogus COVID-19 relief loan as part of a scheme that tried to obtain $24 million from the federal government. Neither Jets spokespeople nor Bellamy's agent immediately returned the Daily Mail's request for comment. Bellamy allegedly conspired with others to obtain loans from the Paycheck Protection Program (PPP) for his inactive company, Drip Entertainment, which was then spent on designer goods and at casinos.
According to the Justice Department, Bellamy, along with talent management company owner Phillip J. Augustin and several others, applied for PPP loans worth more than a combined $24 million. He was previously placed on the Reserve/PUP (Physically Unable to Perform) list while recovering from a shoulder injury he suffered in 2019.
Bellamy, 31, has been arrested and charged with: "wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud".
'My Momma Said Where U Goin Wit All Dat Jewelry on, ' read a June post from an unverified account Twitter account that appears to belong to Bellamy. An investigation is said to have revealed that Bellamy spent $104K on Gucci and Dior as well as over $62K at a Hark Rock casino.
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Prosecutors say they have bank records showing Bellamy made large bank withdrawals recently - taking around $302,800 between May and July 2020.
PPP loans are guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and offer emergency assistance in the form of forgivable loans for pandemic-impacted businesses.
Josh Bellamy #15 of the Chicago Bears warms up before the game against the Minnesota Vikings at U.S. Bank Stadium on December 30, 2018 in Minneapolis, Minnesota.
If convicted, both the bank fraud and wire fraud charges carry lengthy prison sentences. we're talkin' decades. Many of those loan applications were approved and funded by financial institutions, paying out at least $17.4 million.