U.S. charges ousted Hollywood executive with defrauding pandemic loan program, BlackRock fund

NEW YORK - U.S. prosecutors have charged the recently ousted owner of a Hollywood movie distributor with defrauding a federal coronavirus emergency relief program and a BlackRock Inc investment fund, including to pay for a Beverly Hills mansion and other luxuries.

Prosecutors said William Sadleir, 66, diverted much of the $1.7 million of loans he received on May 1 from the Paycheck Protection Program for personal expenses. The PPP was meant “to help small businesses stay afloat during the financial crisis, and we will act swiftly against those who abuse the program for their own personal gain,” U.S. Attorney Nick Hanna in Los Angeles said in a statement.

Prosecutors said he then created a sham company to conceal his use of the money, and assumed the fake identity “Amanda Stevens” to communicate by email with the BlackRock fund about its investment.

America lost its moral compass in Nov 2016 and this is only one manifestation amongst many others that people feel entitled to break the law on the basis that if it’s ok for the president to do it then so can I.

So this is like Bernie Madoff, the reason he was prosecuted so vigorously is that he stole from rich people (BlackRock, which steals from poor people)? Yet $4 trillion went to Wall Street and corporations, to spend on what? Not to mention $14 trillion in the last bailout.

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