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PHOENIX (AP) — A Phoenix-area man faces four years in prison after pleading guilty to falsely claiming non-existent employees and business revenues when applying for $3.5 million in federal pandemic relief loans in 2020.
The sentence imposed Thursday on James Theodore Polzin, 48, of Gilbert included an order that Polzin pay over $2.2 million in restitution.
According to federal officials, Polzin used a portion of the proceeds of the Paycheck Protection Program and Economic Injury Disaster loans for his own personal benefit, “ which included purchasing a Porsche, a home, and stashing money offshore.”
“This defendant defrauded a program intended to assist hardworking Americans who have been unfairly impacted as a result of this unprecedented and challenging health crisis,” said Scott Brown, special agent in charge for Homeland Security Investigations of U.S. Immigrations and Customs Enforcement.
Polzin pleaded guilty last fall to wire fraud and transactional money laundering.
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