(CNN) An Arizona businessman highlighted in a CNN investigation has been sentenced to four years in prison for fraudulently securing millions of dollars in federal Covid-19 relief funding -- using a chunk of the proceeds to buy a Porsche and a new home, according to the Justice Department. At his sentencing last week, James Theodore Polzin, 48, was also ordered to pay more than $2.2 million in restitution. He pleaded guilty to federal fraud and money laundering charges last year in connection with a scheme in which he filed a litany of phony loan applications claiming fake employees and revenues for business entities he owned and operated. Prior to charges being filed against Polzin, CNN reported that he had obtained at least six PPP loans worth roughly $1.2 million which were intended to help companies stay afloat during the pandemic. A string of disgruntled clients also told CNN that he had taken their money and never submitted their taxes or that he filed them incorrectly.

Source: CNN April 14, 2022 17:25 UTC