The Coronavirus Aid, Relief, and Economic Security (CARES) Act was created in March to assist businesses during a near-catastrophic economic turndown caused by an historic public health emergency. Money would help employers keep staffing intact. The Small Business Administration (SBA) would forgive the loans for companies who retained their workers.
Within several months, approximately five million loans valued at $521 million cumulatively were issued. The SBA reported that the money saved 51 million jobs.
Reaching Out For Help
One of those recipients was Tristan Bishop Pan who claimed that he owned several companies with unique and strangely familiar names that included the namesake Pan Insurance Agency, White Walker, Khaleesi, and The Night’s Watch. That type of creativity combined with an entrepreneurial spirit are essential traits for any business owner to thrive, if not survive during difficult times.
Apparently, Pan needed help when the COVID-19 pandemic struck. Like many other business owners, he applied for Paycheck Protection Program (PPP) loans to keep operations afloat and workers employed during a global health emergency. His request was for $6.1 million to keep his entities afloat.
He submitted the requisite documents and tax filings. Two applications were approved, one each for Pan Insurance Agency and White Walker.
Perhaps someone in the SBA was a Game of Thrones fan as three out of those four “business names” were based on the series of books and the now-defunct show. Pan submitted loan applications with allegedly fake documents, including falsified tax filings.
In total, he received $1.7 million in approved funds for his insurance agency and White Walker. According to the prosecutors, some of those funds were received.
Pan now faces charges of wire and bank fraud and engaging in unlawful monetary transactions.