By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN
SDNY COURTHOUSE, August 11 – Back on August 18, 2020 Inner City Press reported the arrest of Sheng-Wen Cheng, a Taiwanese national, for defrauding Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”) Program.
Cheng obtained "orders to continue in the interest of justice" on September 1, October 1, November 2, December 2, January 4, February 3, April 5 - and then scheduled a change of plea proceeding, at the same time as the belated arraignment. On April 20, 2021, U.S. District Court for the Southern District of New York Judge Alison J. Nathan held an arraignment and change of plea proceeding. Inner City Press covered it.
The was stipulated guideline sentence 78 to 97 months in prison.
Now on August 11, SHENG-WEN CHENG, a/k/a “Justin Cheng,” a/k/a “Justin Jung,” was sentenced to 72 months in prison for multiple fraud schemes he perpetrated. In particular, CHENG engaged in a scheme to fraudulently obtain over $7 million in Government-guaranteed loans designed to provide relief to small businesses during the COVID-19 pandemic. CHENG also solicited and obtained investments in Alchemy Coin Technology Limited and related companies controlled by CHENG through materially false and misleading statements and omissions. Finally, CHENG fraudulently obtained due diligence fees from dozens of start-up companies as part of an advance fee scheme. CHENG was sentenced earlier today before U.S. District Judge Alison J. Nathan.
This case is US v. Sheng-Wen Cheng, 20-mj-08698 (Nathan)
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