Jefferson City man charged with multi-million-dollar COVID-19 fraud will remain in custody

JEFFERSON CITY, Mo. (KMIZ)

A judge ruled Tuesday that a Jefferson City businessman charged with defrauding the government for millions in COVID-19 relief funds will stay in federal custody.

Magistrate Judge Willie Epps ruled that Tod Keilholz, 59, is too much of a risk to be released during a hearing Tuesday in Jefferson City. Epps put Keilholz under the custody of the U.S. Marshals, according to court records.

A federal grand jury indicted Keilholz last week on eight counts of bank fraud, six counts of making false statements to a financial institution and four counts of making false statements to the Small Business Administration.

Keilholz is also charged with 24 counts of money laundering and 10 counts of identity theft.

Federal authorities allege Keilholz's scheme included $12.4 million in COVID-19-related paycheck protection loans taken out illegally for four businesses. He tried to obtain other loans, as well, but was rejected, authorities say.

A trial has been scheduled for May 2023.