OXFORD, Miss. (WJTV) – A Marshall County man, who was an employee of the Small Business Administration (SBA), was sentenced on Wednesday, May 24 for his role in a scheme to defraud the SBA of more than $11 million.

Lakeith M. Faulkner, 31, of Holly Springs, was sentenced to 62 months in federal prison.

According to court documents, Faulkner used his position at the SBA to assist borrowers in submitting over $11 million worth of fraudulent loan applications for Economic Injury Disaster Loans (“EIDL”), which were intended to help small businesses recover from the economic impacts of the COVID-19 pandemic. 

In return for his assistance in submitting the fraudulent loan applications, those borrowers paid Faulkner and his co-defendant, Norman Beckwood, $2.3 million.

On December 7, 2022, Faulkner entered a plea of guilty to one count of conspiracy to commit wire fraud. In addition to prison time, Faulkner was ordered to pay $10,620,452.26 in restitution to the SBA.

On January 17, 2023, Beckwood entered a plea of guilty to one count of conspiracy to commit wire fraud. Beckwood is scheduled to be sentenced on August 15, 2023.