Really, dude? NFL wide receiver Josh Bellamy has been arrested for misusing COVID loans intended for those in dire straits on luxury goods and casinos.
TMZ reports that. Bellamy was arrested on Thursday, September 10. Too add salt to the struggle, he was just cut by the Jets two days ago.
31-year-old Bellamy — who was cut by the NY Jets just 2 days ago — is essentially accused of participating in a scheme in which people applied for more than $24 MILLION in PPP loans, intended for business owners to help stay afloat during the pandemic.
But, prosecutors say neither Bellamy nor his co-conspirators put the money toward their businesses — instead, Bellamy blew a fortune on things like custom jewelry, designer clothes and casino trips.
Reportedly, Bellamy dropped a cool $95K on custom jewelry, $5,381 at Gucci and $2,014 at Dior. The Feds also claim he spent $62K a trip to the Seminole Hard Rock Hotel and Casino.
Bellamy and his alleged team of scammers applied for $24M in PPP loans and received about $17.4M. He also supposedly got kickbacks from those he brought into the scheme while applying for the business loans with doctored paperwork.
Of the requested $24 mil, officials say Bellamy and his co-conspirators received roughly $17.4 million in PPP loans.
The alleged conspiracy is complicated but boils down to this …
Officials believe Bellamy not only requested PPP loans for his own company based on false records … but would then recruit others to apply for giant loans — and when that money was received from the government, Bellamy would take a sizable kickback from the borrower.
Bellamy is looking at bank fraud and wire fraud charges which carry healthy sentences if convicted.