St. Louis Man Accused of Nearly $600,000 Pandemic Fraud
For Immediate Release
U.S. Attorney's Office, Eastern District of Missouri
ST. LOUIS – A man from St. Louis, Missouri has been accused in an indictment of fraudulently obtaining nearly $600,000 in pandemic relief loans.
Shahron Vaulx, 39, was indicted Wednesday in U.S. District Court in St. Louis on six counts of bank fraud and two counts of wire fraud. He appeared in court Thursday and pleaded not guilty.
The indictment accuses Vaulx of submitting nine fraudulent applications seeking a total of $649,000 in Paycheck Protection Program (PPP) loans and receiving about $595,000.
Vaulx made the applications on behalf of Fortunnett Financial LLC, SD Incorporation LLC, SV Collections LLC and SD Marketing LLC, the indictment alleges. The applications contained false information about monthly payroll and the number of company employees and was sometimes supported by fraudulent or misleading tax forms, the indictment says. Vaulx made bulk cash withdrawals and sent money to others and used other funds on unapproved personal expenses including personal credit card bills, clothing, advertisements and payments to OnlyFans, the indictment says.
The PPP loans were intended to help small businesses and their employees during the COVID-19 pandemic.
The bank fraud and wire fraud charges are each punishable by up to 30 years in prison, a $1 million fine, or both.
Charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.
The U.S. Secret Service investigated the case. Assistant U.S. Attorney Stephen Casey is prosecuting the case.
Robert Patrick, Public Affairs Officer, email@example.com.
Updated December 7, 2023