Terrence Pounds has been sentenced to 94 months in prison for COVID-19 loan fraud.
Pounds, who orchestrated the multi-million dollar fraud scheme, will also have to pay back $4.2 million in restitution.
Pounds (47, right) and five accomplices were indicted back in April 2021. Pounds pled guilty to thirteen counts of fraud in May 2022.
Pounds submitted dozens of fraudulent EIDL loan applications collectively seeking more than $9.5 million in EIDL funds, with each application generally seeking approximately $150,000.
The SBA approved and paid approximately $3.7 million in EIDL loans based on those applications.
Pounds and his co-conspirators also submitted numerous fraudulent PPP loan applications, many of which were approved, raising the total of funds obtained by fraud to more than $4.2 million.
Sentencing was originally scheduled for September 2022. Due to delays in sentencing of Pounds’ co-conspirators however, Pounds’ sentencing was delayed through 2023 to March 2024.
Pounds was formally sentenced on March 20th, with judgment rendered the same day.
Pounds will serve his sentence at FCI Milan. He has been ordered to surrender upon notice of the United States Marshal.
Upon release, Pounds will further be subjected to three years of supervised release.
On March 25th, Pounds filed a motion requesting permission to visit his parents in Florida.
The court approved the motion on March 27th, allowing Pounds to travel between April 8th through April 22nd.
Pounds appeared on BehindMLM’s radar in July 2023, as admin of the Keep It 100 Ponzi scheme.
Keep It 100 pitched investors on 10% a day. The scam collapsed shortly after BehindMLM reported on Pounds’ indictment.
Despite facing a pending near-decade prison sentence, Pounds continues to promote fraudulent MLM crypto investment schemes on his YouTube channel.
I can think of far more fulfilling ways to spend one’s last days of freedom but each to their own I guess.