BehindMLM revealed a evaluation of Terrence Kilos’ Preserve It 100 Ponzi scheme earlier this month.
What I didn’t know on the time is Kilos had beforehand been indicted on fourteen counts of COVID-19 mortgage fraud.
Kilos (proper) and 5 accomplices had been indicted on April twenty ninth, 2021.
Kilos’ alleged fraud pertains to Financial Damage Catastrophe Mortgage program (EIDL) and Paycheck Safety Program (PPP).
Each the EIDL and PPP had been a part of the Coronavirus Assist, Aid and Financial Safety (CARES) Act.
The Financial Damage Catastrophe Mortgage program … supplied mortgage help for sure companies negatively affected by the COVID-19 pandemic.
Non-profit candidates and non-agricultural for-profit candidates had been each typically eligible to obtain an EIDL mortgage of as much as $150,00, with a 30-year scheduled compensation, deferred for 12 months.
PPP loans had been “forgivable loans to small enterprise for job retention and sure different bills.”
As alleged in Kilos’ indictment, he and his accomplices engaged in a conspiracy to
unjustly enrich themselves by acquiring EIDL and PPP mortgage proceeds underneath false pretences, and to stop detection of the conspiracy.
Kilos’ accomplices are alleged to have supplied him with their private data, which he then used to use for EIDL loans.
In trade for handing over their private data, Kilos promised his accomplices a minimize of the fraudulent mortgage proceeds.
Kilos utilized for the fraudulent loans by fictional non-profit organizations he represented had been “religion based mostly organizations” and/or “church buildings”
with $1,000,000 in income, 15 staff, had items that value between $300,000 and $301,123 and (had been) shaped on January 1, 2019.
Two of the businesses cited in Kilos’ indictment are CBD 4 Actual and Fact Ministries World, which BehindMLM cited in its Preserve It 100 evaluation.
In a single Fact Ministries World fraudulent mortgage utility, Kilos falsely claimed;
We feed the much less lucky and underprivileged, we go to the prisons, we’ve got 24 hours per day and seven days per week telephone line open for prayers and counseling. We now have church companies twice per week.
Upon receiving funds by the accredited loans of their respective financial institution accounts, Kilos’ accomplices transferred him his portion of the mortgage.
Kilos and his accomplices tried to defraud the US authorities out of over $9 million in fraudulent loans.
They spent the cash on motor autos and private bills.
Because of the conspiracy … Kilos (and his accomplices), along with others, submitted and brought on to be submitted fraudulent PPP mortgage purposes, and no less than 60 fraudulent EIDL mortgage purposes, looking for a complete of roughly $9 million in PPP and EIDL mortgage proceeds.
Of the $9 million in loans Kilos utilized for, roughly $3.3 million was paid out.
In his indictment Kilos faces one depend of conspiracy to commit wire fraud, eight counts of wire fraud and 4 counts of partaking in a financial transaction in property derived from legal exercise.
The DOJ is looking for forfeiture of Kilos’ ill-gotten positive aspects, together with the give up of a
- 2020 BMW X4
- 2021 Chevrolet Tahoe
- 2021 Kia Telluride and
- 2020 Hyundai Elantra
Kilos was arrested on Could 4th, 2021.
Following his preliminary look, Kilos was launched on a $50,000 unsecured bond and a trial was scheduled for July twelfth, 2021.
Arguing that his case was complicated, Kilos secured a continuance of his trial on June eleventh. His trial was rescheduled for January nineteenth, 2022.
On January 4th, the court docket once more postponed Kilos trial, this time to Could sixteenth, 2022.
On Could eleventh, Kilos pled responsible to all fourteen counts in his indictment. Sentencing was scheduled for September sixth, 2022.
On August sixteenth, the DOJ requested a continuance of Kilos’ sentencing. At the moment solely certainly one of Kilos’ accomplices had additionally pled responsible. The remaining 4 accomplices had been scheduled to face trial on October thirty first.
The DOJ requested Kilos’ sentencing be continued until after his accomplices’ trial. The court docket accredited the DOJ’s movement on August seventeenth. Kilos was now scheduled to be sentenced on December twentieth.
As of December 2nd, certainly one of Kilos accomplices had nonetheless but to have their trial. The trial had been continued to January thirty first, 2023.
This prompted the DOJ to file for one more continuance on Kilos’ sentencing.
The court docket accredited the DOJ’s movement on December fifth, rescheduling Kilos’ sentencing to March twenty eighth.
On March 14th, the DOJ filed for one more continuance on Kilos’ sentencing. The remaining accomplices’ January trial had been continued to Could twenty second, 2023.
The court docket accredited the DOJ’s movement on Could fifth. Kilos’ sentencing was continued until June twenty eighth.
On June twenty second, the DOJ once more filed for one more continuance on Kilos’ sentencing. The remaining accomplices’ Could trial had been continued to August twenty ninth, 2023.
The court docket accredited the DOJ’s movement on June twenty second. Kilos sentencing has now been continued to September twenty sixth.
It seems that whereas he was out on bond awaiting sentencing, Kilos launched the Preserve It 100 Ponzi scheme on or round March 2023.
SimilarWeb tracked ~411,000 visits to Preserve It 100’s web site in June 2023, 30% of which originated from the US.
Pending additional motion by US authorities, how a lot further cash Kilos has stolen by Preserve It 100 is unclear.