DOJ: North Hollywood Man Sentenced to 70 Months for Nearly $5 Million in COVID-Relief Fraud
The following is reposted information.
Source: U.S. Department of Justice press release (Central District of California)
[LOS ANGELES] A North Hollywood man was sentenced today to 70 months in federal prison for his role in fraud schemes causing nearly $5 million in losses to federal COVID-19 relief and small business lending programs.
Sarkis Sarkisyan, 38, of North Hollywood, was sentenced by United States District Judge Cynthia Valenzuela. Sarkisyan pleaded guilty on April 29 to two counts of wire fraud and one count of transactional money laundering arising from a fraudulent $786,457 Paycheck Protection Program loan application and a $25,000 laundering transaction. The investigation also revealed additional SBA Preferred Lender Program fraud totaling more than $4 million, plus attempts to obtain two $500,000 Economic Injury Disaster Loans.
According to court records, Sarkisyan fabricated businesses, payrolls, IRS tax forms, and financial records to obtain federally backed loans meant for legitimate small businesses during the pandemic, then moved proceeds through shell companies and associates to conceal their origin.
In total, Sarkisyan and his co-schemers received $4,866,457 in fraudulently obtained loan proceeds, most of which benefited him personally. A deferred restitution hearing is set for December 4.
Published by GSM · USA (original Chinese edition)
Photo: APK 摄，CC BY-SA 4.0（Wikimedia Commons）
