Man allegedly bought cars, real estate with fraudulent PPP loans

By CNN Newsource

Published January 29, 2021 9:45 AM

LAS VEGAS (FOX5/KVVU) — A Las Vegas man was charged for allegedly participating in a COVID-19 bank loan scheme, resulting in $1.9 million in fraudulent assistance, the Nevada U.S. Attorney’s Office announced Thursday.

Jorge Abramovs, 40, was charged with five counts of bank fraud, one count of making false statements to a bank and five counts of money laundering, according to a law enforcement release.

According to law enforcement, Abramovs allegedly received nearly $2 million in Paycheck Protection Program (PPP) loans from seven different lenders. Abramovs reportedly submitted applications in the names of three different businesses and falsely claimed to have multiple employees earning wages, the indictment alleges.

Law enforcement officials claim Abramovs used the money to buy a Tesla, a Bentley, two condos and paid off his mortgage.

In the nine months since the PPP began, the Small Business Association’s Fraud Section prosecuted more than 100 defendants in more than 70 criminal cases. The Fraud Section has also seized more than $60 million from fraudulently obtained PPP funds, as well as numerous luxury items and real estate purchased with the PPP funds.

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Article Topic Follows: National-World

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