Danny Devan, a TikTok influencer with over 1 million followers, has pleaded guilty to wire fraud, aggravated identity theft, and money laundering related to COVID relief loans. He allegedly attempted to defraud lenders and the U.S. government by seeking $1.2 million in relief loans using fake documents.
Devan is accused of creating fake businesses and using the identities of other people to apply for the loans. He then allegedly used the money to buy cryptocurrency and other assets.
The case highlights the misuse of financial assistance programs and the risks associated with cryptocurrencies in fraudulent activities. It also emphasizes the need for increased scrutiny and security measures in the crypto space.
Devan faces a maximum prison sentence of 20 years for wire fraud, 10 years for money laundering, and a mandatory two-year sentence for aggravated identity theft.
