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.
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