Theft of $1.6M in CARES Act money sends South Florida attorney to prison for three-plus years

FORT LAUDERDALE ? A Palm Beach Gardens attorney who pleaded guilty in October to stealing $1.6 million in government-backed loans has received a sentence of more than three years in federal prison.

U.S. Judge Raag Singhal sentenced Derek James Acree on Sept. 4 to 41 months in prison and ordered him to pay $1.26 million in restitution and $1.6 million in asset forfeitures.

Acree, 47, pleaded guilty in October to conspiracy to commit wire fraud. Federal prosecutors alleged that from March through August 2020, Acree submitted fraudulent applications seeking more than $1.6 million in Paycheck Protection Loans and Economic Injury Disaster Loans that were intended to help small businesses survive the COVID-19 pandemic.

The Small Business Administration guaranteed the loans under the Coronavirus Aid, Relief and Economic Security, or CARES, Act.

Source

https://eu.palmbeachpost.com/story/news/crime/2023/01/06/paycheck-protection-program-theft-of-1-6m-sends-palm-beach-gardens-lawyer-to-prison/69781106007/