Levant man pleads guilty wire fraud, money laundering

Published: Aug. 16, 2022 at 5:11 PM EDT
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BANGOR, Maine (WABI) - A Levant man pleaded guilty on Tuesday in federal court in Bangor to wire fraud and money laundering.

Officials say he fraudulently obtained Economic Injury Disaster Loan and Paycheck Protection Plan funds.

According to court records, 40-year-old Craig Franck formerly owned CCF Acoustics LLC and CCF Acoustical Systems.

We’re told neither company was in business, generated income, or had employees in 2020 or 2021.

In 2020, Franck received more than $177,000 in EIDL funds after submitting two fraudulent loan applications, making false representations regarding the companies.

Franck, who had been arrested on felony fraud charges in Florida in July 2020, illegally used the funds to retain a criminal defense attorney and post bail in that criminal case.

He also used the funds to purchase a pick-up and pay for other personal expenses.

In March 2021, Franck received a more than $145,000 PPP loan after submitting a fraudulent loan application.

He spent those funds on a second pick-up, online retail purchases, living expenses, and other prohibited uses.

Franck faces up to 20 years in prison and a $250,000 fine when he’s sentenced.

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