Delaware Tax Preparer Sentenced to Prison for $9.1 Million PPP Loan Fraud Scheme
Financial Professionals Under Scrutiny as PPP Fraud Crackdown Continues
On July 28, 2025, Jady Solano, a former tax preparer from Wilmington, Delaware, was sentenced to 80 months in federal prison for his role in a sophisticated scheme to defraud the federal Paycheck Protection Program (PPP). Solano’s conviction is part of the broader federal effort to hold accountable those who abused COVID-19 relief programs meant to keep small businesses afloat during the pandemic.
A Fraud Fueled by Professional Expertise
Solano used his financial credentials to orchestrate an elaborate scam. Between 2020 and 2021, he submitted dozens of fraudulent PPP loan applications for over 60 shell companies across the United States. These entities had no legitimate business operations or employees.
To support the applications, Solano fabricated documents including phony IRS tax forms and falsified bank statements to grossly inflate payroll figures. In many cases, he claimed the companies had payrolls exceeding $1 million. Once approved, the loans were never repaid. The total amount fraudulently obtained exceeded $9.1 million.
Federal Response: Accountability for Financial Misconduct
In addition to prison time, Solano faces forfeiture of assets acquired through the fraud and may be ordered to pay restitution to the U.S. government.
According to federal prosecutors, Solano’s conduct was not an isolated lapse in judgment but a calculated, large-scale scheme that took advantage of an emergency federal program at a time of national crisis. Unfortunately, Solano is not alone. Multiple fraud prosecutions are underway across the country, including several in Delaware targeting individuals who abused pandemic relief programs.
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
