Gilbert Man Sentenced to Prison for PPP Fraud
Summary
A press release published 2022-04-08 by the U.S. Attorney's Office for the District of Arizona announcing that James Theodore Polzin, 48, of Gilbert was sentenced by U.S. District Judge John J. Tuchi to 48 months in prison and ordered to pay over $2.2 million in restitution. The office states that Polzin pleaded guilty in October 2021 to fraudulently obtaining PPP loans and Economic Injury Disaster Loans with applications claiming non-existent employees and revenues. According to the release, from April 2020 to August 2020 he applied for loans totaling over $3.5 million and used part of the proceeds to buy a Porsche and a home and to move money offshore. The case number is CR-21-00264-PHX-JJT.
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“Gilbert Man Sentenced to Prison for PPP Fraud.”
Original at www.justice.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-04-08-gilbert-man-sentenced-to-prison-for-ppp-fraud-d257959e-b864f52101/
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PHOENIX, Ariz. – James Theodore Polzin, 48, of Gilbert, Arizona, was sentenced last week by U.S. District Judge John J. Tuchi to 48 months in prison and ordered to pay over $2.2 million in restitution. Polzin pleaded guilty in October 2021 to fraudulently obtaining millions of dollars in Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans. The Coronavirus Aid, Relief, and Economic Security Act (“CARES”) is a federal law designed to provide emergency financial assistance to the millions of Americans who are suffering financially due to the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, including PPP loans. Polzin submitted materially false loan applications that claimed non-existent employees and revenues for business entities he owned and operated. From April 2020 to August 2020, Polzin applied for loans totaling over $3.5 million. Polzin then used a portion of the proceeds for his own personal benefit, which included purchasing a Porsche, a home, and stashing money offshore. This case was investigated by the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, and the Federal Bureau of Investigation. Assistant U.S. Attorney Kevin M. Rapp, District of Arizona, Phoenix, handled the prosecution. CASE NUMBER: CR-21-00264-PHX-JJT RELEASE NUMBER: 2022-039_Polzin # # # For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/ Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.
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