Vegas Man In Hot Water; Used CARES Act Money To Buy Tesla, Bentley & Condos

A Las Vegas man is facing federal charges after improperly using CARES Act funds, reported 8 News Now.

The man is being accused of filing bank loan applications fraudulently seeking more than $1.9 million in forgivable loans under the CARES Act, which was designed to help small businesses stay afloat in the midst of the global pandemic.

Jorge Abramovs, 40, is facing five counts of bank fraud, one count of making false statements to a bank, and five counts of money laundering.

According to the indictment, Abramovs obtained nearly $2 million in Paycheck Protection Program (PPP) loans from seven different lenders. He allegedly submitted multiple loan applications in the names of three different businesses while also falsely claiming to have numerous employee earning wages.

The indictment explained that Abramovs used the funds to splurge. He purchased a Tesla, a Bentley, two condominiums, and paid off his home mortgage with the money.

Since the PPP began nine months ago, there have been more than 100 defendants prosecuted in more than 70 criminal cases. In addition, more than $60 million in cash proceeds have been seized from fraudulently obtained PPP funds.

Photo: Getty Images