Albany woman admits to receiving $1 million+ in illegal government loans
A woman from Albany has pleaded guilty to fraudulently receiving more than $1.5 million in pandemic relief loans.
Debra Hackstadt, 67, admitted she lied on applications for federal loans meant to provide businesses with pandemic relief.
She received 32 government backed loans, totaling $1.6 million. She says she made up the number of employees and the payrolls for companies controlled by her or her family members.
Hackstadt faces up to 20 years in prison when she is sentenced on October 6. She also needs to pay back the money.