The U.S. Attorney’s Office for the Northern District of Florida announced Friday that Patrick Walsh and 10 companies he owned or operated have agreed to a $20,074,458.70 consent judgment to resolve allegations of violating the False Claims Act.

According to the office, Walsh knowingly provided false information on Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications for 10 companies, securing approximately $7.8 million in fraudulent loans.

The office stated that the companies involved include American Blimp Company LLC; Walsh Family Land Corp.; Airsign Inc.; Airsign Airship Group LLC; Airsign Group LLC; Airsign Airships Latin America LLC; Airsign Airships Asia Pacific LLC; Airsign Airships Repair Station LLC; Aero Capital LLC; and Eagle Ridge Management Group LLC, doing business as Shiloh Oil Company.

Walsh admitted in a civil settlement that he submitted false PPP and EIDL loan applications misrepresenting employee rosters and payrolls, the office said.

Some of the companies were dormant or inactive, and he also filed EIDL applications in his wife’s name, the office confirmed.

The office added that Walsh used the loan funds for personal expenses, including purchasing a private island, investing in Texas oil interests, and paying off personal debts.

After Walsh defaulted on the PPP loans, the Small Business Administration (SBA) covered the lenders’ losses, including interest and processing fees, the office reported.

“PPP and EIDL loans were intended to help small businesses during the pandemic,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division.

“The department is committed to holding accountable those who undermined the purpose of these programs by knowingly obtaining and retaining loan proceeds for which they were not eligible.”

Notably, the office reported that in January 2023, Walsh was sentenced to 66 months in federal prison for wire fraud and one count of money laundering.