In a shocking turn of events, casino owner Richard Sanborn has been charged with COVID-19 grant fraud by federal authorities. Sanborn, who is the owner of the popular Sanborn Casino in downtown Manchester, New Hampshire, is facing serious allegations of misusing funds meant to support small businesses during the pandemic.
According to the indictment, Sanborn allegedly applied for and received a Paycheck Protection Program (PPP) loan in the amount of $1 million for his casino business. However, instead of using the funds to pay employees and keep the business afloat during the pandemic, Sanborn is accused of using the money for personal expenses and to cover losses at his other ventures.
Investigators found that Sanborn had submitted false information on the loan application, including inflating the number of employees at his casino and providing misleading financial information. The investigation also uncovered evidence that Sanborn had transferred a significant portion of the funds to offshore bank accounts in an attempt to conceal his fraudulent activities.
The news of Sanborn’s charges has sent shockwaves through the local business community, as he was once seen as a respected and successful entrepreneur. Many of Sanborn’s employees and business partners have expressed disbelief at the allegations, with some describing him as a generous and supportive employer.
In response to the charges, Sanborn’s attorney released a statement denying the accusations and vowing to fight the charges in court. The attorney claimed that Sanborn had acted in good faith when applying for the PPP loan and had made every effort to comply with the program’s guidelines.
The case against Sanborn is expected to be closely watched by both federal authorities and the business community, as it raises concerns about the potential for abuse of COVID-19 relief funds. The outcome of this high-profile case could have far-reaching implications for other business owners who have received government assistance during the pandemic.
As the legal proceedings unfold, the fate of Sanborn’s casino and other business interests remains uncertain. The once-thriving establishment now faces an uncertain future, with many questioning whether it will be able to survive the fallout from the fraud allegations.
The Union Leader will continue to follow this developing story and provide updates as new information becomes available. Stay tuned for further details on this troubling case of COVID-19 grant fraud involving casino owner Richard Sanborn.