U.S. charges ousted Hollywood executive with defrauding pandemic loan program, BlackRock fund
NEW YORK (Reuters) – U.S. prosecutors have charged the recently ousted owner of a Hollywood movie distributor with defrauding a federal coronavirus emergency relief program and a BlackRock Inc (BLK.N) investment fund, including to pay for a Beverly Hills mansion and other luxuries.
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
Prosecutors said William Sadleir, 66, diverted much of the $1.7 million of loans he received on May 1 from the Paycheck Protection Program for personal expenses.
He allegedly did this after…