A Southern California man, Abraham Park, age 67 of La Mirada, was handed down a sentence of nearly 4 years in prison for defrauding the government out of millions in small business loans during the pandemic. According to a KTLA report, Park orchestrated a scheme that targeted the Economic Injury Disaster Loan (EIDL) Program, resulting in over $6.9 million in fraudulently obtained funds.
Park, the owner of a financial services company, leveraged the pandemic’s chaos, working from March 2020 through October 2022, to submit over 120 fraudulent applications, detailed by court records. Reported by the Department of Justice, Park advised his clients to create fake entities to boost his fraudulent EIDL loan applications to the SBA. Unbeknownst to the SBA, the loans that Park helped his clients obtain were courtesy of false representation.
On March 20, Park pleaded guilty to wire fraud and money laundering counts in a bid to resolve the allegations of fraudulent activity that landed him in deep legal trouble. He was subsequently sentenced on August 7 to serve 3 years and 10 months in prison. Moreover, Park is ordered to pay back nearly $7 million in restitution and forfeit an additional $535,041 as per the sentencing details revealed by KTLA’s coverage…