WASHINGTON – A Metropolitan Police Department (MPD) Officer was indicted today on a federal bank fraud charge stemming from a scheme involving $18,345 in Paycheck Protection Program (PPP) loans, Acting U.S. Attorney Channing D. Phillips announced.

Roberto Adams, 34, was indicted by a grand jury in the U.S. District Court for the District of Columbia. He was arrested on Aug. 13, 2021, following the filing of a criminal complaint in the case and remains free on personal recognizance pending further proceedings. The indictment includes a forfeiture count seeking an $18,345 money judgment.

According to the indictment, Adams made false and fraudulent claims last year to take advantage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a federal law that is designed to provide emergency financial assistance to millions of Americans who are suffering the economic effects resulting from the COVID-19 pandemic. One source of relief provided by the CARES Act is the authorization of forgivable loans to small businesses for job retention and certain other expenses through the PPP.  The PPP allows qualifying small businesses and other organizations to receive loans with a maturity of two years and an interest rate of one percent.  Businesses must use PPP loan proceeds for payroll costs, interest on mortgages, rent and utilities.  The PPP allows the interest and principal to be forgiven if businesses spend the proceeds on these expenses within a set timeframe and use at least a certain percentage of the loan towards payroll expenses.

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