According to the Cares Acts, the EIDG Loan is a Loan/Grant processed directly through the small business loan administration (SBA). The proceeds are to be used for working capital of an established business not to start or expand a business.
In 2020, Adam Rodriguez and Madison Sedell fraudulently applied for three separate loans on behalf of made-up businesses, ranging from agricultural companies to a marketing company. The three loans were requested in the amounts of $10,000.00, $10,000.00 and $9,000.00 respectively. One of the three loans was approved under the false pretense created by Adam Rodriquez and Madison Sedell. Collectively they received $10,000.00 from funds that were intended to assist legitimate small businesses in their relief from the economic hardship they suffered as a result of the COVID-19 Pandemic.
Adam Rodriquez is also charged with forging a check belonging to Clean Eats, LLC, in the amount of $1,900.00. It was revealed that Jadyn Brower conspired with Adam Rodriquez and Madison Sedell to “launder” money by transferring some of this money to one another through various online cash applications. All three were arrested on February 2, 2021.
“I applaud Detective Aniello Schaffer for his determination in following up on what initially was received as a “tip” on our tip line and bringing these three defendants to justice,” Chief Dennis Miller said. “It is very unfortunate that even during a Pandemic, criminals will find a way to commit nefarious acts.” “I also want to thank Homeland Security Investigations, HSI, Newark Division, for their assistance in this investigation.”
Adam Rodriguez, 22, of Clifton is charged with Forgery, [2C:21-1a(2)], Money Laundering [2C:21-25b(1)], three counts of Falsifying Records [2C:21-4a], Theft by Deception [2C:20-4a], two counts of Criminal Attempt to Commit Theft by Deception [2C:5-1/2C:20-4a] and Conspiracy to Commit Theft by Deception [2C:5-2/2C:20-4a]. He was lodged in the Hudson County Jail.
Madison Sedell and Jadyn Brower, both 19 of Secaucus, were each charged with Conspiracy to Commit Theft by Deception [2C:5-2/2C:20-4a] and Money Laundering [2C:21-25b(1)]. They were both charged and released pending their appearance in court.
Tips can be made by calling (201) 330-2049, emailing spdtips@secaucus.net or submitting anonymously through the department’s website at www.secaucuspolice.org. These charges are merely accusations and the defendants are presumed innocent until proven guilty.
