Businessman Spent $ 700,000 on P3 Boat Loan: Federal Government



Now he’s in deep water.

A Florida businessman is accused of fraudulently acquiring $ 2 million in coronavirus relief aid and using nearly $ 700,000 to purchase a sophisticated 40-foot boat.

Casey David Crowther, 35, of North Fort Myers, allegedly lied to a loan company when he applied for a Payroll Protection Program (P3) loan on behalf of his company, claiming it would be used to cover wages, rent and utilities for his roofing business, according to a criminal complaint filed in United States District Court, Smoking Gun reports.

Instead, he’s accused of spending $ 689,417 on an all-new Invincible catamaran, which is described in a review as being able to reach speeds of 30 mph in 9 seconds and “smoothly squeeze through rough seas”.

Crowther – who faces up to 30 years in federal prison for fraud – allegedly had the money from the Sanibel Captiva Community Bank wired to a boat dealership in Sarasota after applying for the loan in April.

“Your depositor has probable reasons to believe that the boat was purchased for personal use and not for commercial purposes related to [your firm] Target Roofing, ”states the federal criminal complaint.

Crowther was arrested Wednesday and released on $ 100,000 bail.

He is one of several business owners who have been accused of using the relief loan to purchase luxury personal items, including a Miami resident who reportedly spent $ 318,000 on the 2020 Lamborghini Huracán EVO.

In July, the CEO of a large franchise Wendy’s in Florida also reportedly embezzled $ 1 million in PPP loans to buy a new home.



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