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…