Joshua J. Bellamy, former New York Jets wide receiver, was charged in 2020 for his alleged participation in conspiring to obtain millions of dollars from fraudulent Paycheck Protection Program (“PPP”) loans.
Through his company, Drip Entertainment LLC, Bellamy is purported to have obtained a PPP loan for over $1.2 million. It is believed that he used the loan proceeds to purchase luxury items and partake in other excess spending.
In addition to receiving his own PPP loan, Bellamy worked with other conspirators to refer others to the scheme, draft fabricated documents and collect a percentage of the kickback monies received. The fraudulent scheme consisted of at least 90 false PPP loan applications encompassing more than $24 million in loans applied for, of which approximately $17.4 million were paid.
Bellamy pleaded not guilty to the charges of wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud. The case is currently pending.
If you have any questions regarding potential fraud schemes, contact Tom Pratt at [email protected] or Brian Webster at [email protected].
This article is part of series highlighting fraud from the professional sporting world in support of the Association of Certified Fraud Examiner’s (ACFE) annual International Fraud Awareness Week. We invite you to read our other articles at the links below.
- International Fraud Awareness Week 2021
- Flag on the Play – Football and Health Care Fraud
- Foul Ball – John Ruffo Attends a Baseball Game
- Soccer Kickbacks – Red Cards and Red Flags
- Illegal Reception – Former NFL Wide Receiver Receives Fraudulent PPP Loans
- Alley-OOPS! Former NBA Players Indicted on Alleged Insurance Fraud Charges
About International Fraud Awareness Week
ACFE’s International Fraud Awareness Week is an opportunity for anti-fraud professionals and communities to come together to look at how far reaching the effects of fraud can be. Check out our Schneider Downs Business Consulting LinkedIn page throughout the week for additional information from the ACFE.
ACFE International Fraud Week Resources
- Behavioral Red Flags
- Snapshot: Cyberfraud and COVID-19
- How to Be a Fraud Fighter in Your Organization
About Schneider Downs Business Consultants
Schneider Downs Business Consultants leverages our experience and industry expertise to maximize value and minimize risk during acquisitions, litigation, arbitration, corporate reorganization and other major business transactions and transitions.
Learn more at www.schneiderdowns.com/business-advisory-services.
