Update 12/13/2021 2:52pm:
Former Chicago Bears and New York Jets wide receiver Josh Bellamy was recently sentenced to 37 months in prison after pleading guilty in June to committing wire fraud. In addition to his 37-month sentence, Bellamy must pay $1,246,565 in restitution.
The 32-year-old reportedly received $1.2 million for his company, Drip Entertainment LLC, through a Paycheck Protection Program (PPP) loan amid the coronavirus pandemic. Bellamy admitted to spending the money on personal items, including buying jewelry and going to a casino.
Bellamy most recently played for the New York Jets, who he signed a two-year deal worth $5 million in 2019. Days before his arrest in September 2020, Bellamy was placed on the season-ending injured reserve list after injuring his shoulder.
Source: USA Today
Original 09/10/2020 8:27pm:
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
