Reports

A federal grand jury has returned an indictment charging Nichelle Henson, age 35, of Baltimore, Maryland, for false statements and bank fraud in connection with fraudulent applications Henson allegedly filed to obtain Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans in the names of multiple businesses. The indictment was returned on December 7, 2021 and unsealed today. Henson will have her initial appearance virtually on Thursday, December 16, 2021, at 2:15 p.m., before U.S. Magistrate Judge A. David Copperthite.

The Office of the Special Inspector General for Pandemic Recovery is evaluating funds that were allocated to the Federal Reserve System’s Main Street Lending Program (MSLP), which had 319 lenders and 1,830 borrowers participating in loans totaling more than $17 billion. The objectives of the audit are to 1) assess the process used by banks to issue loans under the MSLP program; 2) evaluate the process used by the Federal Reserve’s Special Purpose Vehicle to purchase the loans;  3) determine vulnerabilities based on a risk-based analysis; and 4) identify specific areas that warrant further audit work.