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Prosecutors say Reuben Taylor falsely claimed he earned nearly $100,000 as an independent mechanic to secure a $20,844 pandemic relief loan.
A Boston city official has agreed to plead guilty to fraudulently obtaining a federal pandemic relief loan, federal prosecutors announced Thursday.
Reuben Taylor, 40, of Boston, has agreed to plead guilty to one count of wire fraud in connection with a $20,844 Paycheck Protection Program loan he allegedly obtained using fabricated tax documents, according to U.S. Attorney Leah B. Foley’s office.
Since 2008, Taylor has worked for Boston’s Municipal Protective Services — an unarmed, non-sworn security unit within the city’s Property Management Department.
Prosecutors say Taylor applied for the loan in April 2021, claiming he had worked as an independent auto…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.