The stolen funds were diverted by fraudsters from the Small Business Administration’s Paycheck Protection Program, Economic Injury Disaster Loan Program and a third program.
So far more than 100 suspects have been arrested. The suspects are from multidisciplinary fields, organized groups and individuals.
More than $2.3 billion in stolen funds have been recovered.
The Secret Service, which specializes in financial fraud in addition to its better known role in presidential protection, also announced the appointment of a new national pandemic fraud recovery coordinator to oversee investigations into the enormous number of fraud cases resulting from the theft.
The Secret Service currently has more than 900 active investigations related to pandemic fraud.
Sources: CNBC
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