FORT MYERS, Fla. — A Fort Myers business owner has been arrested after allegedly using funds from the Payroll Protection Program (PPP) for his personal use.
According to the complaint, Casey David Crowther, 35, received more than two million dollars through the PPP loan on behalf of his company Target Roofing & Sheet Metal Inc.
Instead of using the funds to maintain payroll, mortgage payment, and retain workers, the complaint alleges that Crowther used the funds to purchase a new 2020 40 foot catamaran boat at the cost of approximately $689,417 registered to his name.
The CARES ACT was enacted to provide relief for small businesses for job retention and other expenses through PPP.
FGCU Professor Dr. Tom Smythe says by doing misusing the funds, he defrauded many people.
"The biggest issue is that the money was used inappropriately and creates a breach of trust on the part of the bank, the lender, and also the taxpayer," says Smythe.
Crowther was charged with Making a False Statement to a lending institution.
He could face up to 30 years in federal prison.