Local Pastor Pleads Guilty to Wire Fraud in $1.8 Million COVID Loan Scheme

A local pastor in Chattanooga has admitted to wrongdoing in a COVID-19 fraud scheme that resulted in him receiving over $1.8 million in federal loans. Ricky Lee Taylor, Jr., 36, pleaded guilty to wire fraud and was sentenced to 30 months in prison, followed by three years of supervised release.

Taylor submitted eight fraudulent applications for Paycheck Protection Program (PPP) loans, which he used to secure funds for his various businesses, including a trucking company and a basketball program. The Department of Justice stated that the loans significantly exceeded any amount he was legally entitled to receive.

In a letter to U.S. District Judge Charles E. Atchley, Jr., Taylor expressed his shock and fear, writing that he had never been so terrified in his life. He described the moment two Secret Service agents visited him, which left him emotionally overwhelmed.

Taylor acknowledged his mistakes, stating he was wrong for requesting so much and taking full responsibility for his actions. He admitted that the funds he received during the pandemic were gained through dishonesty, and he noted that those funds have since been diminished.

The court ordered Taylor to pay a money judgment of $942,238.85 and $2,532,528.18 in restitution to the United States. Along with his letter, Taylor received over 20 letters of support from friends, family, and former colleagues.

Taylor, a former University of Tennessee at Chattanooga basketball player, ran several businesses and applied for PPP loans on behalf of these entities. He provided fraudulent documentation to support his applications, which led to his conviction. (Proverbs 31:8-9)

His case highlights the consequences of dishonesty and the importance of accountability. The court’s decision serves as a reminder that justice must be pursued, and those who act in bad faith will face the repercussions of their actions. (Ephesians 5:11)

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