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Ex-Hawaii CEO Accused of Virus Loan Fraud Pleads Not Guilty

May 13, 2021 at 6:48 am tdemartini
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(AP) — A former CEO of a Hawai’i company accused of defrauding banks of money meant to assist businesses affected by the coronavirus pandemic is pleading not guilty. Martin Kao, former CEO of Martin Defense Group LLC, formerly known as Navatek LLC, is charged with bank fraud and money laundering. Authorities say he defrauded banks of more than $12.8 million through the Paycheck Protection Program. According to an indictment, Kao transferred more than $2 million into his own personal accounts. Congress authorized the program to provide emergency financial assistance through forgivable loans to small businesses for job retention and other expenses.

 

© copyright 2021 Associated Press. All rights reserved

Tags: bank fraud, COVID Loan Fraud, COVID-19, Martin Defense Group, Martin Kao, money laundering, Navatek LLC, Paycheck Protection Program
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