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A Denver man, Steve Randall Howe, has been federally indicted for allegedly falsifying records to obtain over $1.2 million in Paycheck Protection Program (PPP) loans, according to charges filed in Colorado federal court.

The 27-count indictment, unsealed on June 28, accuses Howe of illegally securing PPP funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act by submitting false information regarding his health and wellness businesses. Prosecutors allege Howe used the loan proceeds for personal expenses, including travel, retail purchases, and buying a new home.

Beginning in March 2020, Howe reportedly applied for 10 PPP loans across six businesses, such as Drywave Technologies Inc., Massagewave Inc., and Omnia Wellness Inc. The government states that Howe misrepresented his businesses’ payroll and employee numbers to lenders, submitting fabricated documents to qualify for the loans.

Specifically, in his application for Solajet Financing Co. LLC, Howe claimed an average monthly payroll of $60,000 and 24 employees, despite official records showing no more than three employees between 2019 and 2022.

Howe allegedly obtained forgiveness on all 10 loans by continuing to submit false information. The indictment details that the $1.2 million was spent on various personal costs, including home lease and purchase, retail spending at IKEA, Target, and Amazon, international money transfers, legal fees, travel, subscriptions, and gym memberships.

Howe faces 20 counts of bank fraud and seven counts of money laundering. After his arrest, he pled not guilty and was released on a $10,000 unsecured bond.

The U.S. Attorney’s Office for the District of Colorado is prosecuting the case, represented by Craig Gordon Fansler and Taylor Glogiewicz. Counsel for Howe was not available for comment.

Case: USA v. Howe, No. 1:25-cr-00197, U.S. District Court for the District of Colorado.