Preston Randall, a 62-year-old man from St. Louis County, pleaded guilty on Mar. 31 to multiple charges related to disability and pandemic loan fraud totaling $637,000.
Randall admitted in U.S. District Court in St. Louis to five counts of wire fraud, two counts of theft of government property, and one count of concealment from the U.S. Social Security Administration.
According to court records, Randall applied for a series of Economic Injury Disaster Loans (EIDL) from the U.S. Small Business Administration using various business names during the COVID-19 pandemic. The EIDL program was created to help small businesses impacted by the pandemic. On his applications, Randall inflated revenue and workforce numbers in order to receive larger loans. He sought more than $8 million through these applications and ultimately received $620,000.
In addition to the loan fraud, Randall also obtained $17,906 in Social Security disability benefits by concealing information about his finances and assets on his application for benefits. Authorities said he failed to disclose income from fraudulent EIDL loans as well as ownership of five vehicles and a home near Florissant valued at approximately $500,000. To hide ownership of this property, Randall transferred it via quitclaim deed to a shell company.
Randall was indicted in May 2024 and later jailed after being accused of threatening a potential witness and placing utility bills under that individual’s name without consent.
The investigation was conducted by the Social Security Administration Office of Inspector General. Special Assistant U.S. Attorney Jolene Taaffe is prosecuting the case.
