The U.S. Department of Justice convicted Georgia resident Vinath Oudomsine on one count of wire fraud for using an Small Business Administration relief loan to purchase a Pokemon TCG Charizard card, as reported by WSB-TV 2 Atlanta.
Oudomsine had spent more than $57,000 of the $85,000 relief loan on the rare Pokemon card. He had received the $85,000 as part of the Economic Injury Disaster Loan doled out by the SBA during the pandemic. As stated by the DoJ, Oudomsine had claimed on the relief loan application to own an “entertainment services” business that supported 10 employees. U.S. Attorney for the Southern District of Georgia David. H. Estes had the following to say about the case:
“Congress appropriated funding to assist small businesses struggling through the challenges of a global pandemic,” said Estes. “Like moths to the flame, fraudsters like Oudomsine took advantage of these programs to line their own pockets-”
Oudomsine was sentenced to 36 months in federal prison, made to pay a $10,000 fine, and was forced to pay back the $85,000. The Pokemon card was forfeited during the investigation.
PWCC recently sold a 1999 Pokemon Base Set Shadowless 1st Edition Holo Charizard #4 PSA 10 GEM MINT for $311,800 (plus $250 shipping) (see “Auction Prices Continue to Stabilize“).
Source: ICV2
