A federal grand jury indicted a Saint Augustine man on bank fraud and wire fraud charges linked to alleged theft of COVID-19 relief funds.
Federal prosecutors said Michael Patch, 64, applied for Paycheck Protection Program and COVID-19 Economic Injury Disaster Loan money for his now-defunct Vernon Street Grill in Farmington. The indictment alleges Patch used false and inflated gross sales receipts and payroll numbers to qualify for the programs.
Prosecutors also allege he knowingly provided loan documents with false information to the Bank of Farmington and the Small Business Administration to fraudulently obtain relief money.
Patch was indicted on Sept. 21. The indictment was unsealed today following his initial appearance in federal court in Peoria. His next court appearance is Dec. 8.
If convicted, he could face up to 30 years imprisonment on the bank fraud charge, and up to 20 years per each of the two wire fraud counts he faces.
