Man stole $6M in COVID relief funds, bought $1M house and invested in stocks, feds say

A Mississippi man defrauded the Paycheck Protection Program of more than $6 million and used the money to buy a $1 million house and invest in the stock market, according to the Department of Justice.

Christopher Paul Lick, 47, pleaded guilty on Monday, May 16, to one count of wire fraud in connection with his scheme to steal money from the Paycheck Protection Program, instituted during the COVID-19 pandemic and backed by the U.S. Small Business Administration to provide financial assistance to businesses that had difficulty earning revenue during the pandemic. The program was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and ended on May 31, 2021, according to the U.S. Small Business Administration.

Lick applied for multiple loans through the program using false and fraudulent information, according to a news release from the Department of Justice. Lick admitted to exaggerating the number of employees and the amount of payroll expenses he had at his “purported” businesses.

He used the money to buy a home that cost more than $1 million and make personal investments in the stock market, according to the Department of Justice.

“The CARES Act loan programs were intended to help small businesses and families struggling to survive during a difficult pandemic,” United States Attorney Clay Joyner said in a statement. “Unfortunately, far too many individuals like the defendant abused these programs for their own personal benefit.”

About 10% of the total $800 billion handed out through the Paycheck Protection Program was fraudulent, according to an NBC News article published in March.

Lick faces up to 30 years in federal prison, according to the Department of Justice.