Arizona man gets 4 years in prison for pandemic loan fraud case
An Arizona man faces four years in prison after pleading guilty to charges in a pandemic load fraud case.
Court documents say 48-year-old Theodore Polzin of Gilbert falsely claimed non-existent employees and business revenues when applying for $3.5 million in federal pandemic relief loans in 2020.
The sentence includes an order that Polzin pay over $2.2 million in restitution.
According to federal officials, he used a portion of the proceeds of the Paycheck Protection Program and Economic Injury Disaster loans for his own personal benefit.
Polzin reportedly used the money to purchase a Porsche and a home, as well as stashing money offshore.
He pleaded guilty last fall to wire fraud and transactional money laundering.