A former employee of Arvest Bank, Fayetteville, Ark., was barred from any future involvement in the affairs of any federally insured financial institution under a Federal Reserve order announced Thursday that found she fraudulently obtained Paycheck Protection Program (PPP) loans under the 2020 coronavirus aid statute.
In the consent order, the Federal Reserve said that Nicole Moore, while employed by Arrest Bank as a financial sales representative based at its Gregory Branch, in Kansas City, Mo., between February and April 2021 applied for and obtained two separate Paycheck Protection Program (PPP) loans that totaled $17,533 from a Small Business Administration-approved lender based on “materially false and fraudulent representations.” It said Moore also used the proceeds for personal and other expenses “in violation of the terms of the loans and applicable laws and regulations.”
Federal Reserve Board issues enforcement action with former employee of Arvest Bank