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Loc Vo, 55, pleaded guilty to one count of wire fraud on Tuesday, Jan. 10, and now faces a maximum of 20 years behind bars, the US Attorney for Massachusetts said.
Vo owned Smart Gourmet and Indy Publish, a dormant business in Maryland during the pandemic. Federal investigators said that between April 2020 and July 2021, Vo submitted loan applications for these businesses under three Small Business Administration pandemic relief programs. He requested $1.5 million that he said would go toward things like rent, mortgage interest, payroll, utilities, and other eligible expenses.
However, as soon as he got the money, Vo moved it to brokerage accounts where he bought stock in an electric car company, an internet marketplace company, a biotech company, and others, the US Attorney said.
A judge will sentence Vo on the wire fraud charge on May 3.
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