William Powell, 34, of Huntington, and Jasmine Spencer, 32, of Charleston, have both pleaded guilty to federal charges related to fraudulent Paycheck Protection Program (PPP) loans, as announced by the U.S. Attorney’s Office for the Southern District of West Virginia on Tuesday.
Powell admitted to conspiring to commit bank fraud, while Spencer pleaded guilty to aiding and abetting in bank fraud. Both individuals fraudulently secured $15,625 through falsified PPP loan applications.
The investigation revealed that co-defendant Kisha Sutton, 44, was involved in the scheme, working alongside Powell, Spencer, and others to submit fraudulent loan applications. Sutton filed Powell’s application on April 19, 2021, and Spencer’s on May 27, 2021, falsely claiming that both were self-employed hair stylists earning $75,000 in 2020.
Both applications contained fabricated IRS tax forms, and Powell and Spencer admitted that the income claims were false, created solely to secure loan approval. Powell’s loan was approved by a Florida lender, while Spencer’s was approved by a California lender, with funds deposited in June 2021.
The defendants used the funds for personal expenses, with Powell transferring $2,000 to Sutton, and Spencer sending $3,000 through a digital wallet app.
Powell is set for sentencing on July 2, and Spencer will be sentenced on July 9. Both face up to 30 years in prison, a $1 million fine, five years of supervised release, and will be required to repay the $15,625 they fraudulently obtained.
