PORTLAND, Ore. (AP) — An Oregon man has pleaded guilty in a scheme to steal money intended to help small businesses during the COVID-19 pandemic, according to federal prosecutors. Benjamin Tifekchian, 47, of Portland, on Tuesday pleaded guilty to bank fraud as part of a plea deal, U.S. Attorney Scott Erik Asphaug of the District of Oregon said in a news release. After Congress passed the Coronavirus Aid, Relief, and Economic Security Act to provide emergency financial assistance to Americans amid the pandemic, Tifekchian successfully obtained more than $884,000 in a Paycheck Protection Program loan. Tifekchian used some of the money to pay for gambling and vacations before Bank of America froze the loan funds, suspecting fraud. A federal grand jury in Portland indicted Tifekchian last year on bank fraud and wire fraud charges.

Source: Forbes January 25, 2022 23:10 UTC