Canada markets close in 1 hour 2 minutes
  • S&P/TSX

    19,378.46
    +242.65 (+1.27%)
     
  • S&P 500

    4,179.49
    +66.99 (+1.63%)
     
  • DOW

    34,417.00
    +395.55 (+1.16%)
     
  • CAD/USD

    0.8256
    +0.0033 (+0.40%)
     
  • CRUDE OIL

    65.33
    +1.51 (+2.37%)
     
  • BTC-CAD

    61,199.83
    +2,730.06 (+4.67%)
     
  • CMC Crypto 200

    1,416.43
    +57.87 (+4.26%)
     
  • GOLD FUTURES

    1,841.50
    +17.50 (+0.96%)
     
  • RUSSELL 2000

    2,222.22
    +51.27 (+2.36%)
     
  • 10-Yr Bond

    1.6390
    -0.0290 (-1.74%)
     
  • NASDAQ

    13,451.65
    +326.66 (+2.49%)
     
  • VOLATILITY

    19.07
    -4.06 (-17.55%)
     
  • FTSE

    7,043.61
    +80.28 (+1.15%)
     
  • NIKKEI 225

    28,084.47
    +636.46 (+2.32%)
     
  • CAD/EUR

    0.6796
    -0.0006 (-0.09%)
     

Texas Man’s Alleged Use of PPP Funds for Crypto Instead of BBQ Has Feds Asking ‘Where’s the Beef?’

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Danny Nelson
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

A 29-year-old Texas man is in A-1 trouble after being charged Monday with siphoning nearly $1 million in Payment Protection Program loans meant for a barbecue company into a cryptocurrency trading account.

  • Joshua Thomas Argires received a $956,600 loan for “Texas Barbecue” and allegedly transferred those funds into a Coinbase account where they “generated a profit” by investing in crypto, according to a criminal complaint unsealed Monday in U.S District Court for the Southern District of Texas. The complaint didn’t disclose the size of the alleged profit or which cryptocurrencies were allegedly traded.

  • USPS investigators discovered Texas Barbecue had no documented employees, no online reviews and no bank account until four days prior to the loan request, according to a criminal complaint.

  • Argires suggested that Texas Barbecue’s Coinbase account was how employees were paid, saying: “I don’t really manage that aspect of” the business. Investigators assert Argires had exclusive control of the Coinbase account and Texas Barbecue never had any employees to pay.

  • Charges against Argires, who allegedly collected more than $1.1 million in fraudulent PPP loans total, include wire fraud, making false statements to a financial institution, bank fraud and engaging in prohibited monetary transfers.

  • In addition for his Texas Barbecue loan, Argires also received PPP funds for a company called Houston Landscaping, which also had no employees, the complaint reads. The funds obtained for Houston Landscaping were not deposited in Coinbase but were held in a bank account and depleted by ATM withdrawals, according to the complaint.

  • PPP records indicate a “Texas Barbecue” with identical information to Argires’ outfit received a loan from PrimeWay Federal Credit Union in Houston. PrimeWay could not immediately be reached for comment.

See also: ConsenSys, Polychain, Tron, CipherTrace: Blockchain Startups Got $30M+ in US ‘PPP’ Bailout Loans

Read the unsealed criminal complaint below:

Related Stories