31-year-old Bellamy — who was cut by the NY Jets just 2 days ago — is essentially accused of participating in a scheme in which people applied for more than $24 MILLION in PPP loans, intended for business owners to help stay afloat during the pandemic.
But, prosecutors say neither Bellamy nor his co-conspirators put the money toward their businesses — instead, Bellamy blew a fortune on things like custom jewelry, designer clothes and casino trips.
Reportedly, Bellamy dropped a cool $95K on custom jewelry, $5,381 at Gucci and $2,014 at Dior. The Feds also claim he spent $62K a trip to the Seminole Hard Rock Hotel and Casino.Bellamy and his alleged team of scammers applied for $24M in PPP loans and received about $17.4M. He also supposedly got kickbacks from those he brought into the scheme while applying for the business loans with doctored paperwork.
Of the requested $24 mil, officials say Bellamy and his co-conspirators received roughly $17.4 million in PPP loans.
The alleged conspiracy is complicated but boils down to this …
Officials believe Bellamy not only requested PPP loans for his own company based on false records … but would then recruit others to apply for giant loans — and when that money was received from the government, Bellamy would take a sizable kickback from the borrower.Bellamy is looking at bank fraud and wire fraud charges which carry healthy sentences if convicted.
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