A Marina del Rey man is expected to be sentenced Thursday for submitting fraudulent loan applications to obtain nearly $3.2 million in COVID-19 loans for businesses that prosecutors say were shell companies.
Mark Shehata, 73, pleaded guilty last year in downtown Los Angeles to single federal counts of wire fraud, transactional money laundering and making false statements to federal agents, according to the U.S. Department of Justice.
According to court papers, Shehata organized and registered four limited liability companies that purportedly operated in Marina del Rey: Shirmak Group, Cynergy Group, Global Network Investments, and Alpha and Omega Group…