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March 1, 2024

New Hampshire Man Pleads Guilty to CARES Act Fraud

On February 15, 2024, in the District of New Hampshire, Matthew Dispensa, pled guilty to three counts of bank fraud and one count of wire fraud related to fraudulently submitted Coronavirus Aid, Relief, and Economic Security (CARES) Act loan applications. 

In May 2020, Dispensa obtained an Employee Identification Number (EIN) for Gateway Hills LLC, from the Internal Revenue Service (IRS). He then used the EIN on fraudulent CARES Act loan applications associated with this entity. Dispensa fraudulently applied for multiple loans under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs.  

In May 2020, Dispensa submitted a $90,400 PPP loan application for Gateway Hills LLC. In connection with the application, Dispensa submitted false supporting documents, including tax documents. Dispensa also provided a “Payroll Summary” showing that he was paid $8,700 per month through Gateway Hills LLC. Dispensa’s actual tax returns showed no income from that entity.  

In December 2020, Dispensa submitted a $150,000 EIDL application for Gateway Hills LLC. In that application, Dispensa falsely claimed that the entity had gross revenues of $485,000 in the 12 months preceding January 31, 2020. However, bank records showed that Gateway Hills LLC had no actual regular business activity.

According to a Department of Justice press release dated February 15, 2024, Dispensa fraudulently obtained $342,650 and attempted to fraudulently obtain $492,650.

Source: The facts in this case narrative come from the following publicly available documents: D.N.H. Plea Agr. filed Jan. 24, 2024; and DOJ press release dated Feb. 15, 2024