U.S. Department of Justice Financial Fraud Update

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Chicago Businessman Sentenced for Role in Bank Fraud and Pandemic-Relief Fraud Schemes

01/15/2026 07:00 AM EST

An Illinois businessman was sentenced yesterday to six years in prison and two years of supervised release for his role in schemes to fraudulently obtain over $55 million in commercial loans and lines of credit, as well as for submitting fraudulent applications to obtain COVID-19 relief money guaranteed by the U.S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

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