Скачать или смотреть With a multi-billion-dollar fraud uncovered in Minnesota, what does this mean for banks?

A massive welfare fraud scheme has been uncovered in Minnesota. The amount of the fraud is estimated at $9 billion but could end up being much higher. Many people have been implicated and investigations have begun. The U.S. Treasury began taking actions back in December focusing on money services businesses (MSBs). The SBA then announced a halt on $5.5 million in federal payments to Minnesota and will begin reviewing all SBA loans and PPP loans made in the state since 2020. The focus of prosecutors is around the policy ‘Minnesota Nice’ and how billions may have been siphoned through social welfare programs. The more concerning part of this story is the fact that these schemes seem to be rampant across the country and possibly in every state. There is no doubt this will come back to banks in multiple ways. This episode examined multiple articles from The Epoch Times and The Wall Street Journal (subscription required).