Preston Randall, a 62-year-old man from St. Louis County, pleaded guilty on Mar. 31 to charges related to disability fraud and pandemic loan fraud totaling $637,000.
Randall entered his plea in U.S. District Court in St. Louis, admitting 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 documents, Randall applied for a series of Economic Injury Disaster Loans (EIDL) through the U.S. Small Business Administration using various business names. The EIDL program was designed to help small businesses impacted by the COVID-19 pandemic. Randall admitted he falsely inflated revenue and workforce numbers on his applications in order to secure more funding than he was eligible for. He sought approximately $8,506,000 in loans and ultimately received $620,000.
In addition to the loan scheme, Randall also obtained $17,906 in Social Security disability benefits by concealing information about his income from fraudulent EIDL loans as well as assets including five vehicles and a home valued at around $500,000 near Florissant. To hide ownership of the property from authorities, 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 case was investigated by the Social Security Administration Office of Inspector General with prosecution led by Special Assistant U.S. Attorney Jolene Taaffe.
