A Raleigh County man could spend a decade in prison after defrauding the federal government of more than more than $2 million in pandemic-era business loans.
Ryan Bailey of Beaver pleaded guilty to theft of government money Thursday, according to a news release from the U.S. Attorney’s Office for the Southern District of West Virginia. The news release said in 2020, Bailey applied for a Paycheck Protection Program loan for his trucking and warehouse business RKB totaling more than $166-thousand dollars.Later in the year, Baily asked for loan forgiveness, and $157-thousand was granted. Prosecutors said Bailey later admitted only $6,517 of the loans went to the business and $160,000 went to personal accounts. Sentencing is scheduled for Sept. 12.