Denver Man Sentenced for PPP Loan Fraud

A federal judge handed down a 30-month prison sentence to a Denver man who defrauded banks of over $1.2 million.

Updated on Oct. 14, 2026 in Financial Crime

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Steve Randall Howe has been sentenced to 30 months in federal prison for orchestrating a scheme to defraud multiple lenders through the Paycheck Protection Program. The court also ordered Howe to pay over $1.25 million in restitution and a $15,000 fine.

Why it matters

The case highlights federal efforts to prosecute individuals who falsified business records to secure pandemic-era relief funds for personal gain. Authorities have prioritized investigating loan applications that contained fabricated payroll and tax data to recover taxpayer dollars.

A federal judge imposed a 30-month prison sentence following the defendant's guilty plea to one count of bank fraud and one count of money laundering. The court-ordered financial penalty includes $1,253,691.84 in restitution and a $15,000 fine.

The players

Steve Randall Howe

He is a Denver-based individual who pleaded guilty to federal charges involving bank fraud and money laundering.

U.S. Attorney's Office

This federal agency is responsible for prosecuting criminal cases within the District of Colorado.

The details

Howe targeted six different banks by submitting fabricated payroll and tax documents that were never actually filed with the IRS. He used the resulting loan funds for personal expenses, including home purchases, retail shopping, and travel.

October 14, 2026: The U.S. Attorney's Office announced the sentencing of Steve Randall Howe.

Legal Context

This case reflects the broader federal crackdown on individuals who misused funds from the Paycheck Protection Program. It follows a consistent pattern in the District of Colorado where courts prosecute pandemic-related financial crimes to ensure the integrity of the federal relief system.

The prosecution of this fraud case serves as a warning regarding the consequences of misrepresenting business records to federal lenders. Local businesses and residents should remain aware that federal oversight of pandemic-era loan forgiveness remains an active priority for law enforcement.

The takeaway

This case underscores that federal agencies continue to investigate and prosecute discrepancies in pandemic loan filings long after the programs concluded. Individuals should ensure all financial records provided to lenders are accurate to avoid serious criminal liability.