Austin, Texas – What’s supposed to be a lifeline for struggling businesses in tough times turned into a nightmare for one couple who tried to cheat the system. Michael and Tiffany Fullerton, from Georgetown, Texas, were recently sentenced to significant time behind bars for their involvement in a scheme that defrauded the Paycheck Protection Program (PPP), which was designed to help businesses during the COVID-19 pandemic.
Michael Fullerton, age 51, received a hefty sentence of nearly 24 years in federal prison, while his wife, 48-year-old Tiffany Fullerton, will spend nine years behind bars. In addition to their sentences, the couple has been ordered to pay back a staggering amount of $3,027,526.11 in restitution. That’s quite the financial burden to bear!
So, how did they get caught? According to court documents, the Fullertons teamed up with two other co-conspirators to submit multiple fraudulent PPP loan applications—six in total. They used one genuine business name and three that had expired. The total amount they sought exceeded $3.5 million.
Out of those six applications, five were actually funded, leading the group to rake in about $3 million in PPP funds. Rather than using that money to help businesses stay afloat during the pandemic, the couple directed the funds toward starting ventures in Oklahoma. They had big plans, including a marijuana grow operation, a dispensary, a bar and grill, and even an auto and boat repair shop. But wait, there’s more—they also spent money on personal luxuries such as a motor home, luxury watches, and a boat.
The plot thickened when Michael Fullerton decided to plead guilty back in March. He admitted to committing 11 counts related to bank and wire fraud, along with aggravated identity theft. On the other hand, Tiffany Fullerton was found guilty during a federal jury trial, facing charges of conspiracy to commit bank fraud and conspiracy to commit money laundering.
This case serves as a stark reminder of the importance of integrity, especially in challenging times. The PPP was established to provide financial relief to businesses struggling due to the pandemic, allowing them to keep paying employees and stay afloat amidst economic turmoil. But for some, like the Fullertons, those funds became a means to fund extravagant lifestyles rather than support struggling workers.
As we navigate through these uncertain times and look for ways to support our local economies, it’s unfortunate that a few bad actors can undermine efforts that are meant to help. The consequences of such actions, as seen in the Fullertons’ case, can be harsh and far-reaching. A total of over 33 years combined in prison for a couple who saw the COVID relief program not as a necessity but as an opportunity to enrich themselves illegally.
As the courts crack down on fraud, this case stands as a significant chapter in the wider narrative surrounding the use of federal relief funds. It’s an unfortunate situation that not only affected the Fullertons but also puts a cloud over the many honest business owners who desperately needed that assistance to survive.
In light of this unfortunate event, it’s crucial for the community to stay vigilant and help ensure that relief efforts are used for their intended purpose—supporting businesses in their time of need.
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