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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
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Former Microsoft, Amazon exec sentenced for $5.5 million in PPP fraud

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
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August 25, 2021, 1:55 PM ET

A former executive at Amazon and Microsoft is facing two years in prison after filing for roughly $5.5 million in payroll protection plan loans for businesses that don’t exist.

Mukund Mohan, who claims to be a former director of engineering at Microsoft and director of product management for Amazon, pleaded guilty in March to wire fraud and money laundering. He submitted eight applications for PPP loans to support five startups. Five of those were ultimately approved, netting him $1.8 million.

The forms were backed up with falsified tax forms and statements showing he employed dozens of people. He did not. And the government quickly figured that out.

Mohan reportedly fainted when federal agents knocked on his door. He asked for a lighter sentence, saying he had spent only $16,500 of the funds. On his Twitter account, he has changed his bio to read, “I am (likely) the world’s most stupid person.”

In addition to the prison sentence, he was ordered to repay the $1.8 million as well as a $100,000 fine.

“When individuals like Mr. Mohan abuse the benefit programs under the CARES Act to unjustly enrich themselves, they are stealing from those that are the most vulnerable,” said acting special agent in charge Corinne Kalve of IRS Criminal Investigation (IRS:CI). “Today Mr. Mohan is being held accountable for the harm his greed has caused our friends, our families, and our communities.”

Mohan is hardly the only person who obtained PPP funds fraudulently. A Texas man spent nearly $1 million on cryptocurrency, and a Florida resident used the money to buy a Lamborghini.

More must-read business news and analysis from Fortune:

  • They’re 14 and 9 years old—and making $32,000 a month thanks to Ethereum
  • 6 things to know about the housing market’s big shift
  • Is “Big Day Care” the solution to America’s childcare woes—or is it risky to mix profits and toddlers?
  • Pfizer wants you to call its COVID vaccine Comirnaty. How the name came about
  • All the major companies requiring vaccines for workers

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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