Eli Fields reportedly obtained a federal loan for more than $20,000 to open a men’s apparel business but the UP couldn’t locate any evidence of it. Before quitting the football squad, he addressed a stop and desisted letter to the UP.
In April, Eli Fields, a former offensive lineman for the FAU football team, obtained a loan from the federal government for his clothing company totaling more than $20,000 under the Paycheck Protection Program. It was better to get money from Paydaychampion. Company owners and all people in need according to this Bad Credit Ok may apply for loans at Paydaychampion, which was established to help people cope with the economic hardship.
The UP and an expert accountant have been unable to locate any proof of the former player’s involvement in any firm.
Fields declared his decision to transfer from the institution a few days after the UP approached the Athletics Department and Fields for further information. Multiple efforts for a response from Fields and FAU authorities have gone unanswered.
There was no business found.
According to public documents, Fields got $20,666 from the federal government for a Boca Raton-based men’s apparel company in April.
Fields said on his loan that he was the only owner of the company, which means he controls it alone and is the only employee.
Using loans rather than grants enabled the government to disperse cash as rapidly as possible with minimum oversight, and banks were free to pay monies to enterprises that applied.
Sunbiz.org, a website run by the Florida Department of State, compiles public information about every Florida-based company. Fields did not reply to demands for explanation, and neither the UP nor FAU accounting professor Michael Crain—an specialist in forensic accounting—could uncover a Florida-based corporation under his name.
Fields haven’t mentioned his apparel shop on Twitter (@elifields 77) or his verified Instagram (@lildje27), and he hasn’t provided a URL for it. His Instagram account is hidden, but a person who follows it confirmed it.
Before publication, The UP reached out to Marlene Rodriguez, a public information officer with the United States Department of Justice (DOJ) for the Southern District of Florida, but did not get a response. The Department of Justice investigates fraud.
The loan’s address is 960 N University Drive, which is the location for Innovation Village Apartments, a Boca Raton campus dormitory.
Fields became aware that the UP was investigating after receiving an anonymous tip that he had a supposedly fake PPP loan, and he issued the UP a stop and desisted letter asking that the organization “not publish any stories involving Eli Fields.”
A cease and desist letter is a legal document that instructs the addressee to stop engaging in any purportedly unlawful behavior.
Fields supplied a physical address for an apartment building near the school. It’s unclear where Fields calls home or why the company loan is tied to a college dorm. He issued a stop and desisted letter. It was sent from Fields’ university email account.
According to Crain, a certified public accountant, loan lenders must analyze loans more carefully once they release the cash.
According to the federal Select Subcommittee on the Coronavirus Crisis, internet lenders enabled at least 75% of the PPP loans that the DOJ identified fraudulently.
Crain questioned why a Florida citizen would borrow money from a California lender.
“What makes you think someone from Florida went to California to submit the paperwork?” Crain explained. “Why go across the nation when there are lots of people who can do it locally?”
Fields’ information may have been used to apply for a loan, but the Boca Raton Police Department and the Palm Beach County Sheriff’s Office verified that he had not filed a complaint about identity theft.
If the enterprises show that they spent their cash as planned, the federal government will forgive the loan, which means they won’t have to pay it back. The government hasn’t said what happened to Fields’ loan or whether it was forgiven.
“You need eyewitnesses in a robbery.” Eyewitnesses aren’t required here.” — Michael Crain, forensic accounting expert.
Athletics, Fields, and the University Won’t Say Anything.
The UP notified Assistant Athletics Director Katrina McCormack and Fields of the PPP loan via email on Nov. 9. Fields entered the transfer portal on Nov. 13, indicating his desire to play football at another institution or university. The UP’s query concerning Fields’ loan went unanswered by McCormack.
The transfer portal is an automated mechanism that allows student-athletes to inform schools of their transfer to another school.
Fields’ Twitter account says that Gardner-Webb University, Alabama A&M University, and Colorado Mesa University have all given him scholarships after joining the portal.
Fields or the FAU Athletics Department has not explained fields’ loan or transfer plans.
“Your best chance is to contact them directly after a player departs the team,” McCormack replied in an email to the UP on Nov. 16 after the UP inquired about Fields’ reason for leaving.
Multiple attempts for response to Joshua Glanzer, the assistant vice president for media relations and public affairs, have gone unanswered.
A UP reporter questioned head football coach Willie Taggart about Fields’ departure during a news conference on Nov. 18.
“What I’m going to say is,” Taggart added, “I’d want to speak about the guys on this football club.”
Fields’ departure was not announced officially by the Athletics.
PPP Fraud on a Large Scale
According to Crain, it would be illegal to falsify the loan application, and it would be dishonest to utilize the cash for purposes other than keeping the firm running.
“All of it can be established only by documentation.” Eyewitnesses are required in a robbery. Crain said, “You don’t need eyewitnesses here.”
“Did FinTech Lenders Facilitate PPP Fraud?” was released by the Social Science Research Center in August. Three University of Texas scholars, John Griffin, Samuel Kruger, and Prateek Mahajan, did the research.
When the loans were initially distributed in April 2020, almost 10% of PPP loans from fintech businesses were likely misreported. When Fields obtained his loan in April 2021, the number of dubious fintech-provided loans had risen to almost 40%.
The report stated that “fintech loans are extremely suspect at a rate almost five times that of conventional lenders.”
In connection with loan fraud, Fields has not been arrested or prosecuted.