‘Owner’ of fictitious logistics firm sentenced in $2.8M COVID relief

A freight-related Paycheck Protection Program loan scam wrapped up recently with the second of two convicted Ohio women receiving her final sentencing.

In March 2024, Lorie A. Schaefer, 63, of Westerville, and Latisha C. Holloway, 42, of Reynoldsburg, were indicted on charges of orchestrating a multimillion-dollar fraud scheme involving COVID-19 relief funds. They illegally obtained more than $2.8 million in PPP loans through falsified documents and fraudulent business claims.

Schaefer fraudulently applied for nearly $1.9 million in PPP loans by claiming an affiliation with the Flying Pizza restaurant chain, fabricating financial records to support her application. She used the funds for personal expenses, including $26,000 for liposuction, a $10,000 baby gift and over $900,000 for real estate. Schaefer also assisted Holloway in securing over $980,000 in PPP loans for a fictitious business, Jaguar Logistics LLC. Holloway, in turn, wired Schaefer $180,000.

Both women pleaded guilty to wire fraud and money laundering. Holloway was recently sentenced to 15 months in prison and ordered to pay over $1 million in restitution. In July, Schaefer pleaded guilty and is paying back at least $2.89 million and forfeiting more than $2 million in assets.

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