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11271 Ventura Blvd. #612 Studio City, CA 91604 Inside This Issue pg 1 ∙
Get Out of Your Comfort Zone!
Sky’s the Limit
pg 2 ∙ pg 3 ∙ pg 4 ∙ pg 5 ∙
What Is a Kovel Agreement?
Employee Spotlight
Tax Resolution Success Summit Pictures
Shout Outs!
pg 6 ∙ pg 8 ∙
Celebrity Terror Tale of the Month
PPP Terror Tale of the Month A Former NFL Player Swindles Millions From the Paycheck Protection Program
It was a bad day for New York Jets receiver Josh Bellamy when he got cut from the team this past September, and even a worse day when he was charged with wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud after allegedly swindling the government out of more than $1.2 million in Paycheck Protection Program (PPP) COVID-19 relief money. According to CBS News, Bellamy’s payout was part of a larger scheme. He and 10 co-conspirators applied for more than 90 PPP loans and were granted a whopping $17.4 million. This money was meant for small businesses that fell on hard times during the pandemic, but Bellamy used the
$1.2 million chunk he scored for his company Drip Entertainment LLC to go on a shopping spree. Bellamy reportedly splurged on over $104,000 of jewelry and goodies from Gucci and Dior. He also dropped more than $62,000 at the Seminole Hard Rock Hotel and Casino — a music- themed luxury hotel in Hollywood — and withdrew an additional $302,000 in fun money. To secure the loans, Bellamy and his friends relied on falsified bank statements and payroll tax forms and “recycled” the same paperwork and applications for multiple companies. Fortunately, this misuse
of the Coronavirus Aid, Relief, and Economic Security (CARES) Act didn’t go unnoticed. The IRS, FBI, and Small Business Administration (SBA) teamed up to investigate and exposed the fraud ring. As of this writing, Bellamy’s fate is unclear, but odds are he won’t get off as easily as being cut from the Jets, and his next uniform might be an orange jumpsuit.
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