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Brighton food-truck operator admits he used much of the $1.5 million or so in Covid relief funds he got to play the stock market instead of keeping people employed

By adamg on Thu, 01/12/2023 - 2:38pm

Loc Vo, 55, pleaded guilty this week to one count of wire fraud, admitting to government charges that he used federal aid to help small businesses stay afloat during the pandemic to buy hares in biotech, Web and financial services, electric-car and gaming companies.

Vo had sentencing scheduled for May 3 in US District Court, the US Attorney's office reports.

Vo owned Smart Gourmet LLC and a dormant Maryland company and in addition to playing the stock market, used some of the money he got in Paycheck Protection Program, Economic Injury Disaster Loan Program, and the Restaurant Revitalization Fund loans and grants to pay back some of his relatives in Vietnam, who actually did pay to help his food-truck business aflot.

Neighborhoods: 
Brighton
Topics: 
Business
Crime
Free tagging: 
Covid-19


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Comments

By Royale with Cheese on Thu, 01/12/2023 - 3:50pm.

That guy bought hares with the money for pandemic relief.

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By Gary C on Thu, 01/12/2023 - 5:04pm.

.

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By Ari O on Fri, 01/13/2023 - 11:51am.

If hw just bought hares, he should be doing well in the markets!

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By JH on Thu, 01/12/2023 - 3:59pm.

I don't think you would want to buy a hare that came from a biotech firm.

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By downtown-anon on Thu, 01/12/2023 - 4:11pm.

Does he serve hares in his food truck? Perhaps if he had he wouldn't have needed to play the stock market.

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By bibliotequetress on Thu, 01/12/2023 - 4:23pm.

Is this the Momogoose/Asian Bistro truck owner? If so, that's sad-- I was a regular when I worked on Atlantic Ave, and they seemed to be doing a lot of charitable work during the pandemic. Not to excuse this. Just maybe a sad ending to a once good business.

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By Charles Bahne on Thu, 01/12/2023 - 4:59pm.

A 2012 press release from BPDA indicates that a person with the same name owned the Momogoose food truck at that time.

http://www.bostonplans.org/news-calendar/news-updates/2012/03/12/2012-mo...

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