By Godson Umejiego, Senior Correspondent USA

The Federal Reserve Board on Tuesday announced that it had prohibited six former bank employees from future employment in the banking industry for fraudulently obtaining loans and grants administered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The individuals include Dedryck O. Carson, Wendy Rodriguez Legon, Michael T. Lemley, and Tracy L. Mallory, all formerly of Regions Bank, Birmingham, Alabama; as well as Autumn Jordan and Manuel F. Pinazo, both formerly of Merrill Lynch Wealth Management, Charlotte, North Carolina, a subsidiary of Bank of America.

Under the CARES Act, qualified small businesses were eligible to receive certain loans and grants administered by the Small Business Administration to mitigate the effects of the COVID-19 pandemic. The six individuals applied for and obtained CARES Act funds based on false and fraudulent representations and used the funds for unauthorized personal expenses.