Ex-FinTwit Poster Gets 4 Years For Scamming PPP Program Out Of More Than $4 Million
An ex-Citadel analyst and former FinTwit poster who Tweeted under the handle @BrattleStCapital was ordered to spend more than four years in federal prison for scamming the PPP program out of $4.6 million.
35 year old Gregory Blotnick was sentenced to 51 months on Tuesday for diverting $4.6 million in government relief to his hedge fund, Bloomberg reported. He was initially charged with 33 counts of grand larceny and fraud.
He was also ordered to pay $4.6 million in restitution.
In October, he pleaded guilty to submitting 21 fraudulent loan applications to 13 different lenders as part of the March 2020 Paycheck Protection Program.
He was let go from Citadel in 2018 and founded his own hedge fund, Brattle Street Capital LLC, in 2019.
Prosecutors allege he falsified information about his fund on PPP loan applications, claiming on one application that he employeed 45 people and had a monthly payroll of $325,000. The company paid “no wages at all” in 2019 and 2020, Bloomberg wrote.
Blotnick attempted to get $6.8 million in loans and received $4.8 million of it. He lost more than $3 million of the money after depositing it into brokerage accounts.
Blotnick’s defense attorney said this week: “Mr Blotnick will serve his time with dignity and looks forward to becoming a contributing member of society when his sentence is completed.”
How could he lose $3 million in the stock market in 2020? Even steamy piles of doggie doo was up big in 2020 after QE started when the PPP checks were going out.
— JS🅰️ (@Saved102718) June 8, 2022
Thu, 06/09/2022 – 18:00