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The owner of a Massachusetts food truck company who authorities say misused most of the $1.5 million in federal pandemic relief funding he secured by investing it in scholarship, has been arrested, federal authorities said.
Loc Vo, 55, is facing a wire fraud charge, according to the U.S. Attorney’s Office in Boston.
Vo owned Smart Gourmet LLC, a food truck company in Massachusetts, as well as a dormant company in Maryland.
Vo submitted loan applications between April 2020 and July 2021 on behalf of businesses under three Small Business Administration pandemic relief programs, requesting approximately $1.5 million that was supposed to be used for the rent, mortgage interest, payroll and utilities, among other eligible expenses, prosecutors said.
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Instead, he transferred most of the money to brokerage accounts in his name to invest in the stock Exchangebuying shares in an electric car maker and a biotech company, among others, authorities said.
He will be convened on a date to be determined. No defense attorney was listed in court records. A message was left on a phone list for Vo’s company.
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Vo faces up to 20 years in prison if convicted.