Beaver, WV (WOAY) – A Raleigh County man is headed to prison for stealing more than $2 million in COVID-19 relief funds.
47-year-old Ryan Keith Bailey of Beaver was sentenced to one year and two months behind bars, followed by three years of supervised release.
The court has also ordered him to pay over $2.1 million in restitution.
Federal prosecutors say Bailey fraudulently obtained PPP and EIDL loans through the CARES Act.
He then transferred over $2 million into personal bank accounts, a brokerage, and even a cryptocurrency exchange.
Bailey also falsely applied for loan forgiveness and admitted his business used only about $6,500 for legitimate expenses.
He’s already repaid $192,000, and the government has frozen over $1.3 million of his assets.
Bailey pleaded guilty earlier this year to theft of government money.
