Federal prosecutors have detained a California resident accused siphoning tens of millions from pandemic relief programs and commercial lenders.
Rodney Rosenstein, 58, of Huntington Beach was ordered held without bond in Arizona after a federal grand jury returned an indictment on conspiracy to commit bank fraud and conspiracy to commit false statements to influence a financial institution, says the U.S. Attorney’s Office for the District of Arizona.
Authorities allege the man and associates obtained roughly $2.9 million through 15 fraudulent Paycheck Protection Program loans under the CARES Act by submitting phony employment tax forms and W-2 documents.
The group then allegedly used additional false payroll records to secure forgiveness on those loans.
Separately, the indictment claims the same individuals secured another $35 million in commercial loans by providing falsified rent roll documents and other misleading information to banks and financial institutions.
Conviction on the bank fraud conspiracy count carries a maximum of 30 years in prison and a $1 million fine. The false statements charge carries up to five years in prison and a $250,000 fine.
Investigators from the FBI Phoenix Division’s Tucson office, IRS Criminal Investigation and the Federal Housing Finance Agency Office of Inspector General handled the probe.
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The post California Resident Detained in Arizona, Accused of Orchestrating $37,900,000 in Loan Fraud Schemes appeared first on The Daily Hodl.
A Huntington Beach man faces federal charges in Tucson for allegedly running fraudulent PPP loans worth $2.9 million and a separate $35 million commercial loan scheme using fake documents.
The post California Resident Detained in Arizona, Accused of Orchestrating $37,900,000 in Loan Fraud Schemes appeared first on The Daily Hodl. Scams, Hacks & Breaches, Arizona, California, crime, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
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