Charlotte business owner indicted in $1.2M COVID loan fraud scheme

CHARLOTTE — A Charlotte business owner has been indicted in a COVID-19 fraud scheme.

A federal grand jury returned an indictment charging Glynn Paul Hubbard Jr., 45, with wire fraud and money laundering. He’s accused of acquiring more than $1.2 million in fraudulent Paycheck Protection Program (PPP) and Economic Injury Relief Disaster Loan (EIDL) Program loans for himself and his customers.

The North Carolina Department of Justice said from March 31, 2020, to Aug. 1, 2020, Hubbard submitted fraudulent loan applications to get relief money for his businesses. His businesses are called Borrow My Ride, Balanced Society Corporation, The Regins Corporation, and GGGAB, Inc.

The indictments allege Hubbard gave false information, including fake employment data and fraudulent tax returns, for his businesses. Hubbard allegedly received more than $570,000 in fraudulently obtained relief funds.

Hubbard is also accused of submitting PPP and EIDL loan applications on behalf of his customers, resulting in more than $660,000 in relief funds being granted to them. He allegedly promoted his scheme by advertising that he was a PPP and EIDL loan consultant. The indictment alleges that over time, Hubbard received more than $150,000 in “improper loan preparer fees” that he asked for in cash, cashier’s checks, and wire transfers.

Hubbard could face a mximum of 20 years in prison and a $250,000 fine if convicted of the wire fraud charge. If convicted of the money laundering charge, he could spend up to 10 years in prison and get fined $250,000.

You can report attempted fraud involving COVID-19 by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or by clicking here.

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