The post Feds Sentence Nevada Gambler to 15 Years Prison For $11m Covid Loans Fraud appeared first on Vegas Slots Online News.
Covid-era crime
The Office of Public Affairs for the US Department of Justice has announced a prison sentence of over 15 years for a Nevada man found guilty of illegally pocketing more than $11m in COVID-19 loans.
The Feds on Thursday stated Meelad Dezfooli of Henderson fraudulently obtained the millions via Paycheck Protection Program (PPP) loans attached to the Coronavirus CARES Act.
luxury purchases and gambling”
The DOJ’s Criminal Division Acting Assistant Attorney General Matthew R. Galeotti stated Dezfooli stole the taxpayer funds “to finance luxury purchases and gambling.”
Dezfooli’s sentence comes after a jury found him guilty of bank fraud and money laundering in September.
Elaborate schemer
The now convicted felon went to great lengths to cover up his PPP fraud. Evidence submitted at Dezfooli’s trial revealed he’d submitted three PPP applications using false tax records and a utility bill, while he also “grossly inflated the number of employees and payroll expenses” of businesses he owned.
gamble extensively throughout Las Vegas”
Once he received the $11m+ in PPP funds, Dezfooli laundered the cash by buying around 25 properties in Nevada, often under the name of made-up firms and aliases including ‘James Dez.’ The DOJ also accused the Henderson man of using criminal proceeds to bankroll his personal investment account, “buy luxury cars, and gamble extensively throughout Las Vegas.”
According to a press release, even after he was originally charged with his crimes, Dezfooli continued laundering criminal proceeds by selling five homes purchased with PPP funds.
The Feds ordered Dezfooli to forfeit the five homes along with two vehicles plus “pay restitution in the amount of $11,793,064.15, forfeiture in the amount of $11,231,186.52.”
District of Nevada Acting US Attorney Sigal Chattah stated that Dezfooli’s Covid fraud scheme “caught up with him” and he will now be serve time for his crimes.
A hefty punishment
Tagged onto Dezfooli’s 15 years in prison is five years of supervised release.
IRS Criminal Investigation’s Phoenix Field Office Special Agent in Charge Carissa Messick stated the “lengthly” prison spell “shows how seriously the American government takes PPP loan fraud.”
Agent Messick added that Dezfooli’s sentence was proof of the “IRS-CI’s dedication to protecting American taxpayers and ensuring the integrity of our tax system.”
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