Suburban businesswoman obtained $440K in small business loans, bought yacht and Gucci dog collars: indictment

SOUTH HOLLAND, Ill. - A South Holland woman is accused of fraudulently obtaining more than $440,000 in small business loans and grants under the federal Coronavirus Aid, Relief, and Economic Security Act and a State of Illinois pandemic-relief program.

Kimberly Ray-Duncan, 54, is charged with six counts of wire fraud, three counts of money laundering and two counts of engaging in monetary transactions involving criminally derived property. 

According to the indictment, Ray-Duncan applied for and obtained loans and grants for numerous companies she said she operated, including the K Ray-Duncan Assembly Company and An AlKymAri Production LLC.  

SUBSCRIBE TO FOX 32 ON YOUTUBE

Ray-Duncan allegedly made various false representations regarding the companies’ operations, number of employees and revenue figures in her applications. 

Some of the businesses did not actually exist, the indictment said.

Ray-Duncan also attempted to substantiate the fraudulent representations by falsely preparing IRS forms and bank statements.

Ray-Duncan is accused of using the fraud proceeds to purchase a Regal 35 Sport Coupe yacht, purses by Prada, Gucci and Saint Laurent, red leather dog collars by Gucci, sunglasses by Burberry, Gucci, Giorgio Armani and Prada and scarves by MCM, Louis Vuitton, Saint Laurent, Gucci and Prada.

Arraignment for Ray-Duncan is set for Thursday.