A high school basketball coach from Tamarac has been accused of fraudulently obtaining nearly $1 million dollars from a Paycheck Protection Program loan.
Terrence Williams, 40, is facing charges of bank fraud, money laundering, unlawful transactions and false financial statements. Williams is the head coach of the boys' varsity basketball team at a high school in Fort Lauderdale.
He reportedly applied for and received $984,710 in a PPP loan on behalf of a company he owned, Williams Consulting Group LLC. The loans are a feature of the CARES Act that are meant to provide forgivable loans to small businesses for job retention and certain other expenses.
Though Williams reported that his company had 67 employees and an average monthly payroll of $393,884.00, "the company in fact paid no such payroll and did not have any recorded employees with the State of Florida," according to a criminal complaint.
After receiving the PPP loan, Williams allegedly laundered the vast majority of the funds by transferring the proceeds to several of his accounts.
He was scheduled to appear before a judge Friday morning in Fort Lauderdale.
The criminal charges were announced by U.S. Attorney Ariana Fajardo Orshan of the Southern District of Florida, Special Agent in Charge Kyle A. Myles of the Federal Deposit Insurance Corporation Office of Inspector General, and Special Agent in Charge George L. Piro of the Federal Bureau of Investigation.
