A Missouri man has pleaded guilty to wire fraud and money laundering charges for lying on applications to fraudulently obtain more than $500,000 in federal loans meant to help businesses struggling in the wake of the COVID-19 pandemic, federal prosecutors said.
Brian Ruth, 44, of Deepwater, entered the pleas Wednesday in the federal courthouse in Springfield, the U.S. Attorney’s Office for the Western District of Missouri said in a news release.
Prosecutors said Ruth received nearly $523,000 in Paycheck Protection Program loans for three separate businesses. In his loan applications, Ruth falsely claimed the businesses were operational and had numerous employees, prosecutors said.
Ruth did not use the money for the businesses, but to buy vehicles for himself, officials said.
He faces up to 40 years in prison when he’s sentenced at a later date.