SBA OIG Investigations Led to 124 Convictions in Six Months

May 29, 2024

Delaney Sexton
Contributing Editor

SBA OIG Investigations Led to 124 Convictions in Six Months

The SBA Office of Inspector General reported on their work from October 1, 2023, to March 31, 2024. The OIG’s investigations led to 130 indictments and 124 convictions during that period. Their work has resulted in $224.2 million in accomplishments. As one example of their achievements, the Inspector General noted that a $20 million COVID relief fraud ring was successfully prosecuted. In another example, seven individuals were indicted for a $16 million EIDL fraud scheme in October. Since the indictment, three of the fraudsters have already been sentenced for the scheme.

The Office also explained that the OIG Hotline has seen a dramatic increase as a result of the COVID-19 pandemic. During the semiannual period, the Hotline received 18,200 complaints of loan fraud and abuse, identity theft, and problems with SBA’s customer service. Over 11,000 of those calls were related to the Paycheck Protection Program, and more than 1,500 were regarding the EIDL program. Since March 2020, the OIG Hotline has received more than 286,000 complaints. Put into perspective, the OIG Hotline only received 742 complaints during calendar year 2019.

OIG Semiannual Report to Congress