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 48-year-old James Theodore Polzin 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. Polzin pleaded guilty last fall to wire fraud and transactional money laundering.
Phil Villarreal is the senior real-time editor for KGUN 9. He is also a digital producer and host of "Phil on Film" seen weekly on Good Morning Tucson, Phil moved to KGUN after 17 years with the Arizona Daily Star, where he was a movie critic, columnist, and reporter. He has penned three books: Secrets of a Stingy Scoundrel, Stormin' Mormon and Zeta Male. A University of Arizona business graduate, he has four children. Share your story ideas and important issues with Phil by emailing firstname.lastname@example.org or by connecting on Facebook, Instagram, and Twitter.