Georgia man charged with obtaining fraudulent, $9.5M, COVID-related Paycheck Protection Program loan
Prosecutors allege money spent to "upgrade his personal lifestyle," including plastic surgery, 2022 BMW M850i luxury car
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Federal authorities have charged a Marietta, Georgia, man with obtaining a fraudulent, $9.5 million Paycheck Protection Program loan.
Carl Delano Torjagbo, also known as Karl Lucius Delano, 42, faces bank fraud and money laundering charges in connection with the federal, pandemic-related loan.
He was arraigned May 10 before U.S. Magistrate Judge Linda T. Walker and remanded to custody.
Authorities allege that on Feb. 16, 2021, Torjagbo signed a PPP loan application for Kremkov Industries LLC.
Prosecutors say he used the money to "upgrade his personal lifestyle," including spending the funds on his personal residence, plastic surgery and a 2022 BMW M850i luxury car.
"This defendant allegedly stole millions of dollars in taxpayer money intended to help small businesses stay afloat during the pandemic," U.S. Attorney Ryan K. Buchanan said in an announcement.
According to a news release, businesses needed to be in operation on Feb. 15, 2020, to be eligible for a PPP loan. They contend Kremkov Industries – purported in the PPP loan application to have 493 employees and an average monthly payroll of more than $3.8 million – was not created until about 10 months later.
According to the feds, the bank transferred more than $9.5 million into a Kremkov Industries bank account that had a $105 balance immediately before the deposit. A federal grand jury indicted Torjagbo on May 10.
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