According to reports, former Chicago Bears and New York Jets wide receiver Josh Bellamy was arrested for his role in a wire fraud scheme worth $24 million. Bellamy was charged with federal wire fraud, bank fraud, and conspiracy on Thursday in connection with the fraudulent Payroll Protection Program applications. The Justice Department noted that Bellamy participated in the submission of some 90 applications that secured roughly $17.4 million.
Yahoo! Finance's Alexis Keenan reports, "Bellamy allegedly secured more than $1.2 million for his company, Drip Entertainment LLC, and spent $104,000 of its proceeds on luxury goods from Dior and Gucci. Another $62,774 was allegedly spent at the Seminole Hard Rock Hotel and Casino."
Bellamy faces a possible 20-year prison term and carries fines up to $250,000. This legal ordeal comes just days after the New York Jets announced they were releasing Bellamy.
Source: finance.yahoo.com
