Watervliet woman sentenced for wire fraud
ALBANY, N.Y. (NEWS10) — A Watervliet woman was sentenced on Monday to two years of probation for wire fraud. Ouida Cordell, 47, submitted a fraudulent economic injury disaster loan (EIDL) application to the Small Business Administration (SBA) nearly three years ago.
Cordell admitted to submitting the online application on behalf of her company, Bashment Entertainment, in her guilty plea. The FBI investigated the case—with the NYS Department of Taxation and Finances, the Office of Internal Affairs, and the U.S. Treasury Inspector General for the Tax Administration—and found that she falsely overstated Bashment's annual revenue.
According to the Department of Justice, Cordell's company got a $149,500 EIDL as a result of her fraudulent application from July 13, 2020. She was sentenced to 100 hours of community service and to pay $149,400 in restitution.
The low-interest, government-backed loans were meant to assist companies that were struggling financially due to the effects of the COVID pandemic.