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Business ProfileforFinova Financial
Current Alerts For This Business
As of January 5, 2023:
Derek James Acree, 47, of Palm Beach County, Fla., was sentenced to 41 months in prison for submitting fraudulent loan applications seeking more than $1.6 million in forgivable Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans. These loans are guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act.
Acree obtained approximately $1.6 million by submitting fraudulent EIDL and PPP loan applications for companies he owned either in whole or in part. These companies included National Financial Holdings Inc., NFH Florida LLC, DBA Finova Financial LLC, and National Financial Holding Technology LLC. The loans misrepresented the number of employees, payroll expenses, and gross revenues.
After obtaining the fraudulent loan proceeds, Acree transferred some of it to others and a portion was used as a down payment for the purchase of his home, as well as used to purchase jewelry, travel, and make repairs on his boat/home.
Acree had entered a guilty plea to conspiracy to commit wire fraud in October 2022. In addition to prison, he was ordered to pay $1.26 million in restitution and $1.6 million in asset forfeiture.
LINK: https://www.justice.gov/usao-sdfl/pr/attorney-derek-acree-sentenced-prison-16-million-covid-19-relief-fraud
At-a-glance
Related Categories
Business Details
- Location of This Business
- 4521 P.G.A. Blvd. #226, Palm Beach Gardens, FL 33418
- BBB File Opened:
- 9/2/2016
- Years in Business:
- 9
- Business Started:
- 4/8/2015
- Business Started Locally:
- 4/8/2015
- Business Incorporated:
- 4/8/2015
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.BBB records show a license number of CF9901096 for this business, issued by Florida Office of Financial Regulation
These agencies may include:
Florida Office of Financial Regulation
200 East Gaines Street
Tallahassee FL 32399
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Business Name
- National Financial Holdings
- Additional Contact Information
Phone Numbers
- (561) 517-9256Other Phone
- (561) 517-9256
Customer Complaints
8 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
07/06/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
Customer Reviews
1 Customer Reviews
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Most Recent Customer Review
Tim B
10/19/2021
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