| Taiwan
National Sheng Pleads Guilty to PPP Fraud
For 78 to 97 Month Deal in SDNY
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
April 20 – Back on
August 18, 2020 Inner City
Press reported the arrest of
Sheng-Wen Cheng, a Taiwanese
national, for defrauding
Paycheck Protection Program
(“PPP”) and the Economic
Injury Disaster Loan (“EIDL”)
Program.
Cheng
obtained "orders to continue
in the interest of justice" on
September 1, October 1,
November 2, December 2,
January 4, February 3, April 5
- and then scheduled a change
of plea proceeding, at the
same time as the belated
arraignment.
On April 20, 2021, U.S.
District Court for the
Southern District of New
York Judge Alison J.
Nathan held an arraignment and
change of plea proceeding.
Inner City Press covered
it.
The
stipulated guideline sentence
in 78 to 97 months in
prison.
Afterward,
without noting all the
postponements, the US
Attorney's Office announced "
SHENG-WEN CHENG, a/k/a “Justin
Cheng,” a/k/a “Justin Jung,”
pled guilty to major fraud
against the United States,
bank fraud, securities fraud,
and wire fraud in connection
with multiple fraud schemes he
perpetrated.
Specifically, CHENG engaged in
a scheme to fraudulently
obtain over $7 million in
Government-guaranteed loans
designed to provide relief to
small businesses during the
novel coronavirus/COVID-19
pandemic. CHENG also
solicited and obtained
investments in Alchemy Coin
Technology Limited and related
companies controlled by CHENG
through materially false and
misleading statements and
omissions... CHENG pled guilty
today before U.S. District
Judge Alison J. Nathan and is
scheduled to be sentenced on
August 3, 2021, at 3:00 pm."
Meanwhile,
Judge Nathan is set to arraign
Ghislaine Maxwell, in person,
on April 23.
This case is US
v. Sheng-Wen Cheng,
20-mj-08698 (Nathan)
***
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