His expenditures included purchasing approximately 25 residential properties, two luxury vehicles, funding a personal investment account, and engaging in extensive gambling activities. Even after facing charges, Dezfooli continued his illicit activities by selling five of the properties acquired with the stolen funds.
A federal jury has convicted Meelad Dezfooli, a 30-year-old resident of Henderson, Nevada, for defrauding three banks of more than $11.2 million in COVID-19 relief funds intended to assist small businesses during the pandemic. The conviction follows a trial that revealed Dezfooli orchestrated a scheme involving fraudulent applications for Paycheck Protection Program (PPP) loans.
Court documents and trial evidence demonstrated that Dezfooli submitted three deceptive loan applications under the PPP, which was designed to provide financial support to businesses for maintaining employee salaries and covering essential expenses. Dezfooli's applications were made in the names of companies he controlled, leading to the approval of over $11.2 million in PPP funds.
The evidence at trial showed that Dezfooli falsely represented certain material information in his loan applications, including information about payroll, employees, and use of the loan proceeds. After fraudulently obtaining more than $11.2 million in PPP funds, Dezfooli laundered and/or spent the proceeds by, among other things: buying approximately 25 residences and two luxury cars, funding a personal investment account, and gambling extensively. After he was originally charged, Dezfooli continued laundering criminal proceeds by selling five of the residences that he acquired with the fraudulently obtained PPP funds.
The trial uncovered that Dezfooli misrepresented crucial details in his loan applications, including payroll information, the number of employees, and the intended use of the loan proceeds. Once he secured the funds, Dezfooli engaged in a series of financial transactions to launder and misuse the money.
His expenditures included purchasing approximately 25 residential properties, two luxury vehicles, funding a personal investment account, and engaging in extensive gambling activities. Even after facing charges, Dezfooli continued his illicit activities by selling five of the properties acquired with the stolen funds.
The jury found Dezfooli guilty on multiple counts: three charges of bank fraud, three charges of money laundering, and four charges of engaging in monetary transactions involving criminally derived property.
He is set to be sentenced on December 5, with potential penalties including up to 30 years in prison for each bank fraud count, 20 years for each money laundering count, and 10 years for each count of engaging in monetary transactions involving criminally derived property. The final sentencing will be determined by a federal district court judge, who will consider the U.S. Sentencing Guidelines and other relevant statutory factors.
The announcement of the conviction was made by Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division; U.S. Attorney Jason M. Frierson for the District of Nevada; and several key figures including Special Agent in Charge Carissa Messick of the IRS Criminal Investigation Phoenix Field Office, Special Agent in Charge Jon Ellwanger of the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau Office of Inspector General, Special Agent in Charge Weston King of the Small Business Administration Office of Inspector General, and Special Agent in Charge Ryan Korner of the Federal Deposit Insurance Corporation Office of Inspector General.
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