KeyCorp Settles $7.77 Million Fraud Case Over PPP Loan Scheme
KeyCorp has agreed to a $7.77 million settlement over fraudulent PPP loan applications submitted by a Pennsylvania branch. The scheme involved overstating payroll expenses, leading to $6 million in improper loans.
Insights:
KeyCorp , a prominent regional financial institution, has reached a $7.77 million settlement with the U.S. Attorneys Office in New Jersey to resolve allegations of fraudulent Paycheck Protection Program (PPP) loan submissions. This settlement, announced on January 7, 2026, addresses charges linked to a scheme orchestrated by a branch manager in Conshohocken, Pennsylvania, during 2020 and early 2021.
