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31-year-old Josh Bellamy, who was recently cut by the NY Jets before the start of the season is facing some serious jail time after being accused of participating in a scheme that stole millions in PPP loan money from the government meant to help small businesses during the Coronavirus pandemic.
Ex-#Jets WR Josh Bellamy was arrested this morning and charged with wire fraud, bank fraud, and more for his alleged role in a scheme to file fraudulent loan applications seeking more than $24 million in PPP Loans. He was cut yesterday. More here: https://t.co/J0Ynp2tVyN
— Ian Rapoport (@RapSheet) September 10, 2020
According to TMZ, law enforcement alleges that Bellamy would request PPP loans for his business using false documents and would then recruit others to do the same while taking a cut of their profits.
Via TMZ
The alleged conspiracy is complicated but boils down to this …
Officials believe Bellamy not only requested PPP loans for his own company based on false records … but would then recruit others to apply for giant loans — and when that money was received from the government, Bellamy would take a sizable kickback from the borrower.
Bellamy and his associates allegedly received $17 million in government loan money but instead of using it for his businesses, Bellamy used the money to buy extravagant gifts for himself.
DOJ says NFL player Joshua J. Bellamy, 31, of St. Petersburg, FL was arrested + charged in connection with obtaining millions of dollars in fraudulent PPP loans. He allegedly purchased over $104,000 in luxury goods using proceeds, including Dior + Gucci. https://t.co/PuDxcnhZ8h
— Eamon Javers (@EamonJavers) September 10, 2020
Prosecutors say neither Bellamy nor his co-conspirators put the money toward their businesses — instead, Bellamy blew a fortune on things like custom jewelry, designer clothes and casino trips.
In fact, officials say Bellamy spent $95k on custom jewelry, $5,381 at Gucci and $2,014 at Dior.
They also claim he dropped more than $62k during a recent trip to the Seminole Hard Rock Hotel and Casino.
Of the requested $24 mil, officials say Bellamy and his co-conspirators received roughly $17.4 million in PPP loans.
Yeah, Bellamy and his friends are going to be in jail for a long time if found guilty.