Woman gets jail time, has to repay $357K in pandemic loan fraud

ST. LOUIS COUNTY (KMOV) — A St. Louis County lady has been sentenced to jail and ordered to repay greater than $350,000 in pandemic mortgage fraud.

Rose Ann Shaw, 65, was sentenced to 2 years in jail after fraudulently getting $357,000 from Paycheck Protection Program(PPP) loans that have been put in place to assist small companies in the course of the COVID-19 pandemic. The U.S. Attorney’s Office within the Eastern District of Missouri stated Shaw lied about worker numbers and payroll in three separate mortgage purposes.

Between May and August 2020, Shaw utilized for loans for Shaw Investments LLC, Shaw Brokerage Real Estate Investment Firm LLC, and Vision LLC. Prosecutors stated Shaw lied on all three, claiming the businesses had seven staff and a mean month-to-month payroll between $44,400 and $54,256.

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