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Three New Jersey residents have pleaded guilty in a $2 million pandemic relief scheme in which they used phony companies to apply for low-interest loans,Arlen Encarnacion, 37, of Perth Amboy, entered his guilty plea in Trenton federal court on Wednesday on charges of conspiracy to commit wire fraud and money laundering. His co-conspirators, Jacquelyn Pena, 37, and his brother, Kent Encarnacion, 30, both of Perth Amboy, pleaded guilty to the same two charges on August 8.
The trio received a total of $2,175,717.83 in low interest loans meant for distressed small businesses during 2020 and 2021. Most of the money went to Arlen Encarnacion, while his brother received $156,442 and Pena pocketed $335,692, authorities said. The funds were transferred to various bank accounts before being used for personal expenses and unrelated business ventures, charging documents said.
The loans were meant to help struggling businesses with payroll costs, interest on mortgages, rent and utilities during the pandemic.
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