A resident of California has been sentenced to nearly 4 years in jail for his position in a Small Enterprise Administration (SBA) Financial Harm Catastrophe Mortgage (EIDL) fraud scheme.
In accordance with the U.S. Division of Justice (DOJ), Abraham Park of La Mirada, California, submitted over 120 fraudulent SBA EIDL purposes price $12 million from 2020-2022.
“Park was the proprietor and CEO of a California monetary companies firm that assisted purchasers with acquiring financing, together with loans, and repairing credit score scores. After the COVID-19 pandemic began, Park suggested his purchasers to create fictitious company entities in order that he may submit fraudulent EIDL mortgage purposes to the SBA on their behalf. In return, his purchasers paid Park a portion of the funded loans as a kickback. Along with submitting purposes for his purchasers, Park additionally submitted a number of purposes for himself and his relations for fictitious entities.”
Park efficiently collected 73 fraudulent loans, stealing almost $7 million from the catastrophe help initiative.
Park beforehand pleaded responsible in March to at least one depend of wire fraud and one depend of cash laundering.
Yesterday, the DOJ introduced {that a} previously married CEO and President of a Hawaii-based shipbuilding agency acquired a mixed 15-year jail sentence for a $29 million investor fraud scheme.
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