BALTIMORE — A Baltimore County man has been sentenced to federal prison for fraudulently obtaining over $500,000 in COVID-19 CARES Act loans, authorities said.
Edward McCorkle, 37, received a sentence of two years in prison, followed by six months of home detention and three years of supervised release. He must also pay $523,000 in restitution.
According to court documents, McCorkle engaged in a scheme to defraud financial institutions by applying for fraudulent loans for various purported businesses. The scheme began in May 2020 and continued through February 2021.
McCorkle obtained $523,000 in fraudulent funds and attempted to secure a total of $946,500. Prosecutors said he used the stolen funds for personal expenses, large cash withdrawals, and purchasing and rehabilitating real estate in Baltimore City.
