YOU DON'T HAVE ANY JURISDICTION
OVER THE PPP PROGRAM.
WHEN THIS WAS DESIGNED,
CONGRESS COULD'VE SAID, I JUST
MAKE SURE THE CONGRESSIONAL
OVERSIGHT LOOKS AT ALL OF THIS.
BUT RIGHT NOW, THERE IS NO
OVERSIGHT COMMITTEE, IS THERE.
>> THAT'S RIGHT, THE COMMISSION
AMMONIA DOESN'T HAVE THE
OVERSIGHT.
>> AT THE START OF THE PANDEMIC,
THE GOVERNMENT FLOODED THE KIND
OF BILLIONS OF DOLLARS WITH
PANDEMIC ASSISTANCE.
FOR BUSINESSES FACING
BANKRUPTCY.
BROUGHT GARRETT TO BEFORE
VACCINES.
AND AT THE SAME TIME, THERE
WERE A LOT OF CONCERNS ABOUT
WHO SPECIFICALLY WAS GETTING
THAT MONEY.
>> AS LONG AS WE HAVE THIS
HEALTH CRISIS, WE'RE GOING TO
FACE THIS ECONOMIC CRISIS, AND
WE NEED MORE STIMULUS.
BUT WITH THAT STIMULUS, WE NEED
OVERSIGHT.
>> INVESTMENT, FIRMS PRIVATE
JET CORNERS, BASKETBALL TEAMS,
AND RESTAURANTS, BIG ONES LIKE
SHAKE SHACK, AND NATHAN'S
FAMOUS.
ALSO KNOW THERE WAS JUST
OUTRIGHT JAW-DROPPING FRAUD.
AS A NEW YORK TIMES BUT IT BACK
IN MAY IN 2020, WE ARE PAYING
TAX MONEY FOR STRUGGLING
BUSINESSES THAT DIDN'T EXIST.
EMPLOYEES WHO WEREN'T REAL.
HE IS A SAD TRUTH, WHATEVER THE
GOVERNMENT SENDS MONEY OUT THE
DOOR.
THERE IS ALWAYS A RISK OF
FRAUD.
WE KNOW IT, FRAUDSTERS GONNA
FRAUD.
AND OVER THE LAST TWO YEARS,
THE GOVERNMENT HAS APPROVED
FIVE TRILLION BUCKS IN PANDEMIC
RELIEF.
THAT IS A HISTORIC AMOUNT.
AND THE FRAUD COULD BE TO.
INVESTIGATORS SAY IT COULD BE
IN THE BILLIONS.
SO NBC NEWS IS RELAUNCHING A
LONG TIME SERIES YOU MAY
REMEMBER, THE FLEECING OF
AMERICA.
WE'RE GOING TO LOOK OUT FRAUD
MARK LOW SLEEP.
WASTE, ABUSE, AND JUST AS
IMPORTANTLY, WE LOOK AT THE
PEOPLE TRYING TO GO AFTER THE
FRAUDSTERS.
AND THOSE TRYING TO PREVENT IT
FROM HAPPENING IN THE FIRST
PLACE, OR A GUN.
WE'RE GONNA BE HONEST, WE'RE
GONNA HAVE ANOTHER DISASTER, I
WANT TO HAVE CONFIDENCE THAT
WHEN THE GOVERNMENT STOPS AND
TO HELP, IT'S SPENDING TAX BY
MONEY IN THE RIGHT WAY.
SO THIS, WEEK WE'RE BRINGING
YOU NEW STORIES ABOUT WHAT WILL
HAPPEN WITH COVID RELIEF AID,
AND IT IS BEING DONE ABOUT IT.
>> TWO YEARS AGO, THE PANDEMIC
SHUT DOWN AMERICA.
MILLION STAYED HOME, AND
BUSINESSES WITHOUT CUSTOMERS
TEETERED ON THE EDGE.
THE GOVERNMENT JUMPED IN BITING
MILLIONS AND EMERGENCY AID.
TO GET MONEY TO BUSINESS OWNERS
FAST, CONGRESS MOVE ACROSS TECH
PROVIDING TAX RETURNS AND
WATCHDOGS WARNED THAT COULD
LEAD TO RAMPANT FRAUD.
>> DO YOU BELIEVE, IF THE
GOVERNMENT WOULD'VE TAKEN A FEW
MORE DAYS, OR A FEW MORE WEEKS
TO PUT THESE CONTROLS AND PLACE,
WE WOULDN'T BE IN THE SITUATION
WITH ALL THIS FRAUD?
>> ABSOLUTELY.
THE FIGHT AMOUNTS THAT WE ARE
GOING AFTER CRIMINALLY AS A
NATION WOULD HAVE BEEN REDUCED
DRAMATICALLY >> WHILE FAR THAN
THE PAYCHECK PROTECTION PROGRAM
AS WELL KNOWN, ANOTHER ONE, THE
ECONOMIC INJURY DISASTER LOAN,
RUN BY THE SMALL BUSINESS
ADMINISTRATION, PROVIDED OVER
385 BILLION DOLLARS AND LOANS
TO SMALL BUSINESSES.
I'M FROM THE START, IT TOO WAS
TARGETED BY FRAUD STARS.
>> TO DATE, AND THIS PARTICULAR
PROGRAM, WE HAVE IDENTIFIED
OVER 87 MILLION IN POTENTIAL
FRAUD.
>> AUTHORITIES WERE ALARM TO
SEE ONLINE TUTORIALS TO HELP
COMMIT FRAUD.
AND WARNINGS CAME WITHIN
MONTHS.
JULY 2020, QUOTE, SERIOUS
CONCERNS OF POTENTIAL FRAUD.
THREE MONTHS LATER, ANOTHER
REPORT.
PERHAPS 60 BILLION DOLLARS ON
FRAUD TO PEOPLE USING THE SAME
ADDRESS OR BANK ACCOUNTS.
LAST, MAY OVER 6.6 BILLION
DOLLARS POSSIBLY PAID TO PEOPLE
USING STOLEN IDENTITIES.
IN OCTOBER, FOR NOT BILLION
DOLLARS IN POTENTIAL
OVERPAYMENTS.
A MONTH LATER, MORE THAN 3.6
BILLION DOLLARS PAID TO
POTENTIALLY INELIGIBLE
BUSINESSES.
SOME FLAGGED ON THE GOVERNMENTS
DO NOT PAY ANTI FRAUD LIST.
>> THERE IS A BALANCE THAT WE
CAN STRIKE.
TO PROTECT THE TAXPAYER, AND TO
HELP AMERICA'S SMALL
BUSINESSES.
AND I THINK WE DEFINITELY MISS
THAT OPPORTUNITY.
AND WE SHOULD NEVER MISS IT
AGAIN.
>> AND RESPONSE, THE SMALL
BUSINESS ADMINISTRATION
THOUSAND WE SEE NEWS THAT IS
WHERE IT CLOSELY WITH INSPECTOR
GENERAL TO IDENTIFY AND ADDRESS
ALL AREAS OF CONCERN.
AND LAST FRIDAY, THEY ANNOUNCED
THE CREATION OF A FRAUD RISK
MANAGEMENT BOARD FUNHOUSE
CONTROLS TO PREVENT FRAUD.
NOW, SUCH A LAW ENFORCEMENT TO
TRY TO RECOVER TAXPAYER MONEY.
>> DO YOU THINK YOU'VE TACKLED
THE LION SHARE OF IT?
ROSES JUST THAT SEVERAL DESPERATE?
DESPERATE?
...problems urinating, vision
>> I DON'T BELIEVE ARE ANYWHERE
NEAR THE BOTTOM OF THAT
ICEBERG.
.
WE'RE JUST GETTING GOING.
>> IN OHIO, ONE MONTH PLEADED
GUILTY TO USING HAS GOT A SMALL
BUSINESS LOAN TO BUY A 32,000
DOLLAR BOWL.
AND GEORGIA, ONLY USER LOAN TO
PAY FOR VACATION IN MIAMI.
AND ON A GUN, --
>> WE HAVE CURRENTLY FOR
PROSECUTORS WORKING 100% OF
THEIR TIME ON THESE CASES.
AND THAT'S A BIG ASK OF OUR
OFFICE.
>> LAST YEAR, HIS OFFICE
CHARGED A MAN WITH SUBMITTING
FALSE APPLICATIONS WITH MANY
COMPANIES, AND BUYING 25
PROPERTIES IN OREGON AND
CALIFORNIA.
AND PURCHASED NEARLY $60,000 OF
TESLA STOCK.
HE'S PLEADED THE GUILTY.
>> SO WHAT HAPPENED TO THE
TESLA STOCK?
>> THE TESLA STOCK ONE FROM HIS
2 MILLION DOLLAR INVESTMENT, TO
OVER $11 MILLION.
WE SEE IS THAT STARK FROM TWO
DIFFERENT BROKERAGE ACCOUNTS.
IN THE END, WE CLEARED $11
MILLION, WHICH WAS 9 MILLION
MORE THAN YOU STARTED WITH.
>> GOOD NEWS FOR TAXPAYERS, BUT
NOT NEARLY ENOUGH TO MAKE UP
FOR THE BILLIONS THERE WERE
THREE RECOVERED.
>> AS OF TODAY, WE ARE ALMOST
EXPERIMENTING COULD BE LOST A
FRAUD IN THIS PARTICULAR
PROGRAM BECAUSE MOST OF THAT
MONEY THAT ONE JUST WONDERS
NURSES WERE LOANS, AND ANYONE
WHO GOT ONE OF THOSE LOANS
DOESN'T START PAYING IT BACK
UNTIL 30 MONTHS LATER.
THIS SUMMER, WHEN THOSE LOANS
COME DUE, INVESTIGATORS EXPECT
THEY WILL HAVE A BETTER IDEA OF
THE TOTAL FRAUD.
TOMORROW, WE'LL TAKE A CLOSER
LOOK AT WHAT HAPPENED WITH THE
PAYCHECK PROTECTION PROGRAM.