Coindawg Founder Arrested For Laundering Proceeds Of Fraudulently Obtained Small Business Administration Loans

“As alleged, Charles Constant helped to launder over $1 million of proceeds from loans that his co-conspirators fraudulently obtained from the SBA. He converted the bulk of the crime proceeds into Bitcoin for his co-conspirators and used a portion of the rest to start his own lucrative cryptocurrency ATM business. Thanks to this Office’s teamwork with the HSI, Constant is now facing serious criminal charges for his alleged crimes. We will continue to hold accountable people who steal funds intended for small businesses that struggled as a result of the COVID-19 pandemic.”

“As alleged, Charles Constant specifically exploited the Small Business Administration’s Economic Injury Disaster Loan program put in place to help our small businesses weather the COVID-19 pandemic, for the purpose of expanding his criminal money laundering enterprise. Constant is accused of defrauding the federal government and robbing U.S. taxpayers with his illicit money-laundering scheme. HSI New York will continue to exhaust every resource at our disposal to ensure criminals like this will be held accountable for their actions.”