Madison man sentenced to over 2 years in federal prison for lying on PPP loan applications

MADISON, Wis. -- A Madison man was sentenced to 28 months in prison Friday after he was found guilty of lying on applications for PPP loans and laundering money.

Eric Upchurch, 36, was convicted of wire fraud, making false statements to the Small Business Administration and money laundering following a trial in July. Prosecutors alleged that Upchurch stole over $400,000 in loans through the Paycheck Protection Program and tried to steal another $400,000.

Upchurch allegedly claimed that his businesses, including Opportunity, Inc.; Economic Empowerment Wisconsin and One Red Feather earned hundreds of thousands of dollars and paid its employees tens of thousands of dollars per month.

Prosecutors alleged that Upchurch forged payroll reports and tax forms. Evidence presented at trial reportedly showed that his companies did not formally employ anyone but Upchurch himself.

Upchurch also allegedly laundered some of the illegally-acquired PPP loan funds by buying $19,000 in Bitcoin.

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