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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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. He is married and has four children. Share your story ideas and important issues with Phil by emailing phil.villarreal@kgun9.com or by connecting on Facebook, Instagram, and Twitter.
