Former GVSU Graduate Used COVID-19 Loan To Buy Sports Car
A man with a criminal justice degree from Grand Valley State University used government COVID-19 loans to buy BMW and other personal items.
Criminal With Criminal Justice Degree
Getting a degree and graduating college is a big deal. Hopes and dreams become more of a reality and the future is bright. But not everyone uses their knowledge for good purposes.
You would think someone who spent years in college working hard and achieving a criminal justice degree would be using that information to somehow help put bad guys behind bars and not actually wind up becoming the bad guy behind bars.
Kentwood Man Guilty of Bank Fraud and Money Laundering
His name is Kurtis James Vandermolen, he graduated from GVSU with a criminal justice degree and is now receiving a little criminal justice of his own.
Vandermolen was one of many who applied for government COVID-19 business loans when the pandemic struck and many businesses had to shut down or temporarily lay off employees. The loans were supposed to be used for keeping the business alive but instead, Vandermolen used the money for personal expenses.
What Did Kurtis James Vandermolen Spend The COVID Loan Money On?
WOOD reported that Vandermolen used nearly $20,000 of the first loan to play off his BMW and squandered the rest of over $100,000. He was granted nearly $70,000 for a second loan which he paid for an extravagant wedding he had in Florida.
How Did Vandermolen Get the COVID-19 Loans?
Vandermolen got government loans from the Paycheck Protection Program during the pandemic. He set up a fake company called Breakout Strategies Corporation. He faked all the documents and claimed he had 11 employees and even an office located in Grand Rapids.
Vandermolen did plead guilty to bank fraud and money laundering. He could be sentenced to up to 30 years in prison plus six figures in fines.