Financial Advisor Jayson Thornton, CFP — REACTS — A federal grand jury in the Western District of Tennessee recently returned a 53-count indictment charging two North Mississippi women with multiple schemes defrauding the government of COVID-19 relief funds.
Renata Walton, 44, and Nicole Jones, also known as Nicole Dickerson, 36, both of Olive Branch, Mississippi, are alleged to have falsified numbers provided to the IRS on personal and business tax returns from 2020 through 2024. Walton owns and operates R&B Tax Express in Moscow, Tennessee, where she and Jones prepared tax returns. On behalf of their clients, the two women would file for COVID-19 related tax credits (namely the Employee Retention Credit and the Sick and Family Leave Credit) to which their clients were not entitled. When the fraudulent tax returns were processed by the IRS, the clients received six-figure tax refunds. After the funds were obtained, the clients paid Walton and Jones large fees that the two women laundered through local banks. For tax period 2022, Walton and Jones reportedly failed to file tax returns themselves.
Walton is separately charged with submitting fraudulent Paycheck Protection Program and Economic Injury Disaster Loan applications to the Small Business Administration.
In total, Walton and Jones filed fraudulent claims seeking over $65 million dollars.
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