That sounds an awful lot like political enemies talking points. What we know for a fact is that the agency (not he) paid hundreds of thousands of dollars to a donor, as a loan, which was not paid back. The other loans have not been audited or those audits are not yet public.
Palmer, the official audit shows loans that were made and the amount of outstanding loans and those that have been written off at the taxpayers expense. That was the purpose of the audit which is available in its entirety in a link in the article. You’re beating a dead horse.