BEVERLY (CBS) – A former North Shore man is accused of spending more than $ half a million from the paycheck protection program on personal expenses, including the purchase of an alpaca farm in Vermont.
Dana McIntyre, formerly Beverly and Essex, appeared in federal court Tuesday on charges of cable fraud and money laundering.
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According to US prosecutors, the 57-year-old has filed a fraudulent loan application to receive more than $ 660,000 from the CARES Act program for his Beverly restaurant Rasta Pasta Pizzeria.
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The government says it inflated information about the company to get a bigger loan and said it had 50 employees when records showed it only had about 10.
According to the U.S. attorney, after receiving the PPP loan, McIntyre sold the pizza shop and used the money for the Vermont farm, cars, and to fund a weekly cryptocurrency radio broadcast.
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MacIntyre was released from custody, had to surrender his passport and is not allowed to sell real estate.