High school basketball coach ‘claimed nearly $1 million in small business PPP loans to pay employees who never existed’
- Terrence Williams, 40, has been arrested and charged with financial crimes related to claiming nearly $1million in PPP loans
- He allegedly asked for the loan to pay for 67 employees for his consulting group, but his company doesn’t employee anyone
- Instead, Williams used the money for car payments and money laundering
- Williams has led Stranahan High to two high school basketball titles
A well-known Florida high school basketball coach has been charged with filing nearly $1million worth of false claims for coronavirus-related federal PPP loans.
Terrence Williams, 40, – a coach in Fort Lauderdale – was charged on Friday with bank fraud, money laundering, making false statements to a financial institution and engaging in transactions in unlawful proceeds.
It’s alleged that he applied for or $984,710 in relief funds for his company, Williams Consulting Group LLC, and applied for $984,710 in relief to pay 67 employees. However, federal investigators say he has no employees.
According to the South Florida Sun Sentinel, Williams made his first court appearance in the case on Friday. He was granted bond at $350,000, with arraignment set to take place on November 30.
Terrence Williams, 40, was arrested and charged with several financial crimes after claiming nearly $1million in PPP loans. Williams serves as the men’s basketball coach for the Stranahan High Mighty Dragons, who have won two state championships during his tenure
Broward Schools has already distanced themselves from Williams, claiming he ‘volunteered’ for the school and wasn’t currently doing work for the district
Williams allegedly used the funds to launder $445,985 into his own bank account from one of his business accounts, as well as make an Audi payment to the tune of $4,872.94.
Williams’ company also received unemployment insurance benefits from Florida.
Williams is the men’s high school basketball coach at Stranahan High, which he attended as a student.
In three seasons as the team’s basketball coach, Stranahan went 71-22, winning two consecutive state titles in their division.
In March, Williams was named Sun Sentinel Coach of the Year for the second time, as well as Florida Dairy Farmers Coach of the Year for Class 4A.
A statement from Broward County Public Schools obtained by WPTV distanced the district from Williams.
‘He has only previously earned a supplement to serve as a basketball coach (temporary position) at William Dandy Middle School. He also volunteered as a basketball coach at Stranahan High School. He has not coached for either school this school year.’
The Stranahan Mighty Dragons are not scheduled to play their first sanctioned game until December 10.
The Sun Sentinel reports this is far from the first time a South Florida resident has tried to exploit PPP funds for their own personal use, with charges being levied against 32 different people in the area so far.
One man reportedly received over $4 million worth of PPP loans, only to spend $300,000 on a Lamborghini.