TUCSON, Ariz. (KGUN) — A Tucson grand jury has indicted a man accused of taking part in a scheme to fraudulently obtain millions of dollars in COVID relief loans.
According to the United States Attorney's Office, Rodney Rosenstein, 58, was ordered detained pending trial for his involvement. In August, a federal grand jury returned an indictment against Rosenstein for Conspiracy to Commit Bank Fraud and Conspiracy to Commit False Statements to Influence a Financial Institution.
The document alleges that Rosenstein and his co-conspirators obtained roughly $2.9 million from 15 fraudulent loans under the CARES Act. The group allegedly received the loans using fake employment tax and W-2 forms.
"The co-conspirators also submitted fraudulent payroll documentation and other false statements to receive loan forgiveness. According to the indictment, Rosenstein and his co-conspirators obtained another $35 million in loans by using fake 'rent roll' documents and other false statements in a commercial loan fraud scheme," the news release continued.
A conviction on both counts carries a maximum penalty of 35 years in prison and a $1.25 million fine.
