Chinese Firm's Stake in Fraudulent COVID Loans

China’s Tencent profited off fraudulent federal COVID relief program loans, according to court records reviewed by the Washington Free Beacon. The court records reveal that Tencent co-owned one of the main investors in Womply, a San Francisco startup that raked in $2 billion in 2021 by helping businesses get expedited Paycheck Protection Program loans—and which was accused of profiting from "rampant fraud" in the application process. Read Full Article »