Bitcoin
$64,700.79+5.83%
Ethereum
$3,096.75+4.28%
Binance Coin
$559.08+2.38%
Solana
$144.89+12.15%
XRP
$0.49969933+2.63%
Toncoin
$7.09+19.13%
Dogecoin
$0.15251291+7.17%
Cardano
$0.46101673+5.48%
Avalanche
$35.45+6.24%
Shiba Inu
$0.00002268+5.14%
Wrapped Bitcoin
$64,760.41+7.59%
Bitcoin Cash
$487.99+3.67%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
11
HR
25
MIN
10
SEC
Markets

Texas Man’s Alleged Use of PPP Funds for Crypto Instead of BBQ Has Feds Asking ‘Where’s the Beef?’

Investigators could not find any online reviews, any documented employees or any established bank account for the defendant's purported BBQ company.

By Danny Nelson
AccessTimeIconJul 14, 2020 at 4:34 p.m. UTC
Updated Sep 14, 2021 at 9:30 a.m. UTC
(Brent Hofacker/Shutterstock)
(Brent Hofacker/Shutterstock)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A 29-year-old Texas man is in A-1 trouble after being charged Monday with siphoning nearly $1 million in Payment Protection Program loans meant for a barbecue company into a cryptocurrency trading account.

  • Joshua Thomas Argires received a $956,600 loan for “Texas Barbecue” and allegedly transferred those funds into a Coinbase account where they “generated a profit” by investing in crypto, according to a criminal complaint unsealed Monday in U.S District Court for the Southern District of Texas. The complaint didn’t disclose the size of the alleged profit or which cryptocurrencies were allegedly traded.
  • USPS investigators discovered Texas Barbecue had no documented employees, no online reviews and no bank account until four days prior to the loan request, according to a criminal complaint.
  • Argires suggested that Texas Barbecue’s Coinbase account was how employees were paid, saying: “I don’t really manage that aspect of” the business. Investigators assert Argires had exclusive control of the Coinbase account and Texas Barbecue never had any employees to pay.
  • Charges against Argires, who allegedly collected more than $1.1 million in fraudulent PPP loans total, include wire fraud, making false statements to a financial institution, bank fraud and engaging in prohibited monetary transfers.
  • In addition for his Texas Barbecue loan, Argires also received PPP funds for a company called Houston Landscaping, which also had no employees, the complaint reads. The funds obtained for Houston Landscaping were not deposited in Coinbase but were held in a bank account and depleted by ATM withdrawals, according to the complaint.
  • PPP records indicate a "Texas Barbecue" with identical information to Argires' outfit received a loan from PrimeWay Federal Credit Union in Houston. PrimeWay could not immediately be reached for comment.

See also: ConsenSys, Polychain, Tron, CipherTrace: Blockchain Startups Got $30M+ in US ‘PPP’ Bailout Loans

Read the unsealed criminal complaint below:

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.