United States of America v. Nathan Reis

Dallas, Texas, criminal defense lawyer represented the Defendant charged with conspiracy to commit wire fraud.

Nathan Reis, 47, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications to receive loan funds for which they were not eligible. In April 2020, Reis co-founded Blueacorn, purportedly to help small businesses and individuals obtain PPP loans. Through Blueacorn, Reis and his co-conspirators submitted fraudulent PPP loan applications they knew contained materially false information to make more money. Reis and others fabricated documents, including tax documents and bank statements. As part of the conspiracy, Reis and his co-conspirators charged borrowers fees based on a percentage of the funds received. In total, Reis and his co-conspirators processed over 530 fraudulent loans causing over $65 million in losses.

In August 2025, Reis pleaded guilty to conspiracy to commit wire fraud.

The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-Consumer Financial Protection Bureau Office of Inspector General, and SBA Office of Inspector General investigated the case.

Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section; Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering, Narcotics and Forfeiture Section; and Assistant U.S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds.

The Money Laundering, Narcotics and Forfeiture Section’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers and employees whose actions threaten the integrity of the individual institution or the wider financial system.

21 U.S.C. §§ 846, 841(a)(1), and 841(b)(1)(B) Conspiracy to Possess with Intent to Distribute a Schedule II Controlled Substance

21 U.S.C. § 841(a)(1) and (b)(1)(C) Possession with Intent to Distribute a Controlled Substance

The defendant pleaded guilty and was sentenced to 10 years in prison and was ordered to pay over $66 million in restitution.