A North Berwick man pleaded guilty to bank fraud this week in federal court after applying for $215,000 in Paycheck Protection Program loans.
Frederick Avery submitted two loan applications in 2020 and 2021 claiming he was the full owner of Superior Cruise and Travel LLC. But he had already sold the agency to a Pennsylvania company in 2019. Avery said the loans were for payroll, utilities and mortgage interest, and submitted falsified bank statements from a non-existent account.
He now faces up to 30 years in prison followed by up to five years of supervised release, and a maximum fine of $1 million.
