Prairie State Wire

A California businessman, Darren Carlyle Sadler, has admitted guilt in a federal fraud case involving the acquisition of over $14 million through fraudulent means. Sadler's scheme involved applying for loans under the Paycheck Protection Program (PPP), which was part of the CARES Act aimed at providing financial relief to small businesses during the Covid-19 pandemic.

Sadler confessed to submitting at least 63 fraudulent PPP loan applications in 2020 for himself and his clients. These applications contained false information regarding employee numbers and payroll figures, leading to more than $14 million being issued improperly. Additionally, Sadler earned over $1.9 million in fees from clients by obtaining these loans fraudulently.

The proceeds from this scheme were used by Sadler for personal luxuries, including renting a villa, traveling on private jets, and purchasing high-end vehicles such as a Rolls Royce and several Mercedes-Benzes. He also spent on designer clothing and luxury dining experiences.

At 38 years old and residing in Costa Mesa, California, Sadler pleaded guilty to federal wire fraud charges on Monday. This charge carries a potential penalty of up to 20 years in prison. The sentencing date is yet to be determined by U.S. District Judge Thomas M. Durkin.

The guilty plea announcement came from Andrew S. Boutros, U.S. Attorney for the Northern District of Illinois, alongside Douglas S. DePodesta from the FBI's Chicago Field Office. The investigation involved collaboration with the U.S. Small Business Administration Office of Inspector General and the U.S. Postal Inspection Service, with Assistant U.S. Attorney Kartik K. Raman representing the government.