PANAMA CITY BEACH, Fla. (WMBB) — A Panama City Beach real estate broker lied and submitted false documents to obtain 18 loans worth about $1.5 million between April 2020 and June 2021, court records state.
Chad Wade used the money to “grow his real estate businesses by purchasing a paying off properties; purchasing a vacation Villa in Mexico; buying a red 1981 Ferrari (among other luxury items); paying personal expenses; and otherwise funding a lavish lifestyle,” federal prosecutors wrote.
They added that he got the money from the Paycheck Protection Program which was meant to help employers retain employees during the pandemic.
Federal prosecutors charged Wade with wire fraud, money laundering, and bankruptcy fraud.
A charging document was filed in federal court in the case on June 29 and a plea agreement was entered on July 7. Wade has not yet been sentenced.