California Man Indicted and Detained for Multi-Million Dollar Covid-19 Loan and Commercial Loan Fraud Scheme

Summary

A press release of the U.S. Attorney's Office, District of Arizona, dated September 3, 2026, announces that Rodney Rosenstein, 58, of Huntington Beach, California, was ordered detained pending trial after a federal grand jury in Tucson indicted him for conspiracy to commit bank fraud and conspiracy to commit false statements to influence a financial institution. The indictment alleges that he and co-conspirators obtained approximately $2.9 million from 15 fraudulent Paycheck Protection Program loans using fake employment tax and W-2 forms, and submitted false payroll documents to obtain forgiveness. It also alleges another $35 million in commercial loans obtained with fake rent roll documents. The bank fraud conspiracy charge carries up to 30 years in prison and a $1,000,000 fine; the case number is 26-CR-04213-TUC-RM.

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TUCSON, Ariz. – On Monday, Rodney Rosenstein, 58, of Huntington Beach, California, was ordered detained pending trial for his involvement in multiple fraud schemes. Earlier this month, a federal grand jury in Tucson returned an indictment against Rosenstein for Conspiracy to Commit Bank Fraud and Conspiracy to Commit False Statements to Influence a Financial Institution. The indictment alleges that Rosenstein and other co-conspirators obtained approximately $2.9 million from 15 fraudulent loans under the Paycheck Protection Program’s Coronavirus Aid Relief and Economic Security Act, known as the CARES Act. Rosenstein and his co-conspirators obtained such 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. A conviction for Conspiracy to Commit Bank Fraud carries a maximum penalty of 30 years in prison and a $1,000,000 fine. A conviction for Conspiracy to Commit False Statement to Influence a Financial Institution carries a maximum penalty of five years in prison and a $250,000 fine. The FBI Phoenix Division’s Tucson office, IRS-Criminal Investigation, and Federal Housing Finance Agency, Office of Inspector General conducted the investigation. The U.S. Attorney’s Office, District of Arizona, Tucson, is handling the prosecution. An indictment is a formal accusation of criminal conduct. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. CASE NUMBER: 26-CR-04213-TUC-RM RELEASE NUMBER: 2026-151_Rosenstein # # # 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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