FRAUD BUST! Six individuals Indicted for COVID-19 Relief Fraud Scheme Totaling Over $34 Million The defendants allegedly submitted fake applications with inflated employee numbers and payrolls, then laundered proceeds through cash withdrawals, blank checks, and payments to each https://t.co/9ypmIwIfcf
A $158 million Ponzi scheme leads to a 23-year prison sentence for one former fleet owner. https://t.co/JqPok7qUjj https://t.co/vUDoZdYQLY
Feds bust South Florida ring that collected $34 million in US loans during pandemic https://t.co/qA2m9kasfh
Federal authorities have sentenced multiple individuals involved in various fraud schemes related to COVID-19 relief funds and other financial crimes. Angelo Stephen, a former Bureau of Prisons correctional officer, received a four-month prison sentence for submitting fraudulent Paycheck Protection Program (PPP) loan applications. George Arestuche, a Miami-Dade County Aviation Department employee, was also sentenced for submitting false Economic Injury Disaster Loan (EIDL) applications. A Coral Springs man was sentenced to 23 years in federal prison for orchestrating a $158 million Ponzi scheme through his trucking company, Royal Bengal Logistics, Inc. Additionally, the final defendant in the "Shell Factory Fraud" case was sentenced to 18 months in prison for creating fake shell companies in a pump-and-dump scheme. Paul Schnitzer, former finance director of a Florida-based company, was sentenced to over four years for embezzling more than $5.8 million. A former local Homeowners Association president and a former Los Angeles County retirement system employee also faced sentencing for theft-related charges. Furthermore, federal prosecutors dismantled a South Florida ring that fraudulently collected over $34 million in U.S. pandemic relief loans by submitting fake applications with inflated employee numbers and payrolls, laundering the proceeds through cash withdrawals, blank checks, and payments. This series of prosecutions highlights ongoing efforts to address fraud linked to pandemic relief programs and other financial crimes.