NFL wide receiver Josh Bellamy was arrested on Thursday after officials claimed he misused government loans designed to help troubled businesses survive the COVID pandemic on lavish items such as Gucci, Dior and casino travel.
Bellamy, 31 – who was cut off by the NY Jets just two days ago – is essentially accused of participating in a scheme in which people applied for more than $ 24 MILLION in PPP loans designed for business owners to help to remain on the surface during a pandemic.
But prosecutors say neither Bellamy nor his accomplices invested in their business – instead, Bellamy raised a fortune of things like custom jewelry, designer clothes and casino travel.
In fact, officials say Bellamy spent $ 95,000 on custom jewelry, $ 5,381 at Gucci and $ 2014 at Dior.
They also claim that he lost more than $ 62,000 during a recent trip to the Seminole Hard Rock Hotel and Casino.
Of the $ 24 million requested, officials say Bellamy and his accomplices received approximately $ 17.4 million in PPP loans.
The alleged conspiracy is complex, but it comes down to this …
Officials believe Bellamy not only asked for PPP loans for his own company based on fake records … but will then hire others to apply for giant loans – and when that money is received by the government, Bellamy will receive significant recoil from the borrower.
By the way, prosecutors claim that Bellamy technically owns a business – Drip Entertainment – but officials say he has not been “active” since 2019.
Prosecutors say they have bank records showing that Bellamy recently withdrew large banks – taking about $ 302,800 between May and July 2020.
Officials say Bellamy implemented the scheme as he prepared for the 2020 season in the NFL.
If convicted, charges of bank fraud and corporal fraud carry long prison sentences … we are talking for decades.
Bellamy was a free agent from Louisville in 2012 – and continued to play for bosses, bears, jets and more.