(Mineral Wells, Tx) – A Mineral Wells man is among 18 named in a federal indictment and charged with conspiracy to commit wire fraud.

The Weatherford Democrat reports 47 year old Michael Lewayne Hill of Mineral Wells was involved in a scheme to defraud lenders and the Small Business Administration’s Paycheck Protection Program.  According to the Eastern District of Texas, Hill is accused of recruiting co-conspirators to create a new business or use an existing one to submit applications to obtain PPP funding.

Federal Attorneys say Hill and the others then used that money for personal purchases, not business expenses.  In total, 16 loans and at least $3.5 million is suspected to have been fraudulently obtained.

If convicted, Hill and the other defendants each face up to 20 years in federal prison.