Florida Man Blows PPP Money on Lamborghini, Chanel, and Rolex Watches

Florida Man Blows PPP Money on Lamborghini, Chanel, and Rolex Watches

In an all-too-familiar occurrence, a Florida man is behind bars for blowing millions in PPP loans on his luxury lifestyle.

Valesky Barosy boasted his fabulous purchases online, claiming to be a Haitian immigrant who worked his way up after coming to America. He claimed to be the “regional vice president” of a credit repair corporation formerly called Financial Education Services Inc. Georgia’s Attorney General describes the MLM company as an “illegal credit repair business.” In 2019, the business agreed to pay a $1.75 million fine to the state of Georgia over its deceptive practices and now goes by the name United Wealth Education.

The 27-year-old was a savvy scammer who hid under the company’s umbrella to rack up $2.1 million in Paycheck Protection Program loans that were meant to bail out struggling businesses during the COVID-19 pandemic. Barosy applied for loans on behalf of himself and his associates, initially seeking more than $4.2 million in funding. In each application, Barosy put inaccurate information about the business expenses, net profit, and payroll. He also submitted falsified IRS tax documents.

Once the money hit his bank account, Barosy splurged on Chanel, Gucci, Louis Vuitton, a Lamborghini Huracán EVO, which starts at around $208,571, and an impressive watch collection composed of Rolexes and Hublots.

Barosy called himself a “financial educator” who specialized in NFT’s, e-commerce, and marketing on his Instagram account, which is now private. Before safeguarding his profile, Barosy said he could help others reach their financial goals.

Barosy has been charged with five counts of wire fraud, three counts of money laundering, and one count of aggravated identity theft. He faces up to 132 years in prison.

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