Fraud Olympics 2020: North Carolina Man Scams Government With Game Of Thrones Names

Fraud Olympics 2020: North Carolina Man Scams Government With Game Of Thrones Names.

Federal fraud seems to be on the upswing, with people around the world thinking of the most bizarre ways to get over on the government. Last month, it was the Slovenian woman who severed her own hand for insurance fraud. This month, it’s the Game Of Thrones fan who allegedly received more than $1.7 million in Paycheck Protection Program loans for fake businesses with names based on the popular show.

38-year-old Tristan Bishop Pan is facing federal fraud charges for using names like White Walker, Khaleesi and The Night’s Watch to attempt a $6.1 Million scam. Charges include wire fraud, bank fraud and engaging in unlawful monetary transactions. Prosecutors say the North Carolina man sent 14 applications seeking the 6.1 Million, but was only approved more than $1.7 million in loans.

This news is devastating to businesses that have been deeply affected by COVID-19. Since the CARES act was established back in March, The U.S. Small Business Administration has been giving out PPP loans to businesses that qualify. Over the last several months, many have been vocal about the flaws with the system. When people noticed large scale companies like Shake Shack had received loans — those companies returned their loans to save public face.

The loan was established to cover payroll costs, interest on mortgage, rent and utilities, at a 1% interest rate. Scams like this might help the government keep their eyes on future scams of this magnitude, however may force them to add more difficult restrictions to the process, that some struggling small businesses can’t afford. Many apply for this loan, but very few are actually approved. Therefore, there are thousands of small businesses that are still suffering and nearing defunct due to the initial blow caused by the pandemic.