Audrey Strauss, U.S. Attorney for the Southern District of New York, announced on Wednesday in a statement, that Sheng-Wen Cheng, a CEO of a financial technology company has been sentenced to 6 years in prison for fraudulently obtaining $7 million in government loans intended to provide relief during the COVID-19 pandemic as well as for securities fraud.
Cheng, a/k/a “Justin Cheng” or “Justin Jung” applied in 2020 to the Small Business Administration (SBA) and other financial institutions under other people’s names for a total of over $7 million of government-guaranteed loans designed for small business owners impacted by lockdowns and restrictions due to the CCP (Chinese Communist Party virus pandemic.
