Suburban Chicago cop indicted in alleged COVID-19 relief loan scheme

According to a press release by the Northern District of Illinois US Attorney's Office, an indictment returned Monday in U.S. District Court in Chicago charges WILLIAM FREDERICK REED, 41, of Hazel Crest, Ill., with making false statements in U.S. Small Business Administration loan applications,
bankruptcy fraud, and tax offenses.

According to the indictment, Reed worked as a police officer in Dolton and Robbins, IL, and was also self-employed as a security guard. In 2020 and 2021, Reed applied for and obtained loans pursuant to the Paycheck Protection Program (“PPP”), which was created by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial relief for small businesses during the Covid pandemic.

Details of the case are that in 2022, Reed filed for Chapter 7 bankruptcy protection and allegedly made false statements & provided false documents to conceal his role in the PPP scheme.

Arraignment in federal court has not yet been scheduled.