AP Arizona

Arizona man in $3.5M pandemic loan fraud case gets 4 years

Published April 12, 2022 11:38 AM

PHOENIX (AP) — An Arizona man faces four years in prison after pleading guilty to falsely claiming non-existent employees and business revenues when applying for $3.5 million in federal pandemic relief loans in 2020. Officials say he used some of the money to buy a Porsche and a home. The sentence imposed last Thursday for James Theodore Polzin of the Phoenix suburb of Gilbert included an order for him to pay over $2.2 million in restitution. Polzin pleaded guilty last fall to wire fraud and transactional money laundering. U.S. officials have also said that he stashed money overseas.

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