Former Jets wide receiver Josh Bellamy is facing fraud charges for his alleged involvement in a loan scheme.
Bellamy, 31, was arrested Thursday morning and charged with wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud after allegedly participating in a plot to illegally receive federal Paycheck Protection Program (PPP) loans that were sent out to businesses amid the #coronavirus pandemic.
According to the Bleacher Report, Bellamy received $1.25 million in federal loans for his company, Drip Entertainment LLC. Bellamy was released from the Jets this week and is now accused of using that money for his own personal gain. Reports show that the baller allegedly used the funds by spending $104,000 on luxury items at stores like #Gucci and Dior. On top of that, he spent $62,774 at the Seminole Hard Rock Hotel and Casino.
Along with Bellamy, ten other co-conspirators were charged with similar crimes. Altogether, they all allegedly received $24 million in fraudulent loans. Bellamy reportedly looked into PPP loans on behalf of his family and friends, the outlet reports. The federal government distributed the PPP loans back in March to assist small businesses that were struggling during the pandemic due to company shutdowns. The loans were meant to help companies pay their employees, as well as pay off other expenses. Using the money loaned out for any other reason aside from those is considered illegal.
The ex-Jets player was released on Wednesday from the team’s reserve/PUP list. He is expected to miss all of the 2020 season due to his shoulder injury. In his 7-year NFL career, Bellamy played for the Kansas City Chiefs, the Washington Football Team, the Chicago Bears, and the Jets.