ST. LOUIS COUNTY, Mo. – A man will be sentenced Wednesday morning for his role in a PPP loan fraud scheme worth more than $2.8 million.

Federal prosecutors shared that St. Louis County businessmen Chris Caroll and George Reed abused the paycheck protection program by using the aid money to start a new company and keep the rest for themselves instead of paying their employees.

The indictment goes on to say Caroll and Reed suspended their employees’ pay and health insurance after applying for PPP funds.

Reed will be sentenced Wednesday morning. He’s charged with three counts of bank fraud and six counts of money laundering.