Washington Resident Pleads Guilty to Pandemic Loan Fraud

PITTSBURGH, Pa. - A resident of Washington, Pennsylvania, pleaded guilty in federal court to charges of wire fraud, United States Attorney Eric G. Olshan announced today.

Walter Holt III, 35, pleaded guilty to two counts before Senior United States District Judge Nora Barry Fischer.

In connection with the guilty plea, the Court was advised that, on or about March 12 and May 27, 2021, Holt prepared and submitted falsified Paycheck Protection Program (PPP) COVID-19 relief loan applications for Charleroi, Pennsylvania, borrowers, for which he took a fee.

Judge Fischer scheduled sentencing for January 31, 2025. The law provides for a maximum total sentence of up to 40 years in prison, a fine of up to $1 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Gregory C. Melucci is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Holt.