DES MOINES, Iowa (WKRN) — Bryan David Sampica, 49, of Des Moines, was sentenced Wednesday to four and a half years in federal prison for wire fraud and money laundering, according to the U.S. Attorney’s Office for the Southern District of Iowa.
Between May 2020 and March 2021, Sampica defrauded financial institutions responsible for issuing Paycheck Protection Program (PPP) loans. Court documents show that Sampica fraudulently obtained two PPP loans for a company that had no employees, no operations, and no payroll.
To secure the loans, Sampica falsely claimed that the company had approximately 100 employees and an annual payroll exceeding $1 million. He also submitted fraudulent tax documents stating that the company had millions of dollars in annual receipts and expenses, thereby meeting the eligibility requirements for the loans.
As a result, Sampica obtained nearly $2 million in PPP loans. Once the funds were in his possession, he used the money for personal expenses, including paying off a car loan, transferring funds to a family member and trust accounts, and purchasing a yacht.
The IRS-Criminal Investigation Special Agent in Charge, William Steenson, condemned Sampica’s actions, stating, “It’s unfortunate that a relief program such as the Paycheck Protection Program was targeted by fraudsters looking to enrich themselves. Sampica used millions of dollars in stolen taxpayer funds to pay for cars and yachts while legitimate businesses struggled to survive the pandemic.”
In addition to his sentence, Sampica was ordered to pay restitution in the amount of $1,978,345.82.
