Federal prosecutors say Felts — whose legal troubles began last fall, as Ozarks Public Radio reported — used his businesses, along with fake businesses, to obtain almost $14 million dollars in fraudulent loans paid for by the federal taxpayer.
Prosecutors say Felts took out more than two dozen loans through the Paycheck Protection Program. PPP loans were part of the CARES Act rolled out by Congress and the Trump administration as the pandemic hit back in early 2020.
Prosecutors say rather than using PPP funds to maintain employee payroll as intended, Felts spent the money on personal items like expensive vehicles, real estate, a yacht, jewelry and rare sports cards.
Under the plea agreement, Felts must pay $9.9 million in restitution — plus a money judgment of at least $7 million. Sentencing will take place after the U.S. Probation Office completes its presentence investigation.
