Ashburn Swindler Pleads Guilty

⏱ 2 min read

An Ashburn con man swindled hundreds of thousands from pandemic relief programs, then used the cash to trade stocks. Ravindar Reddy Palla, 59, operated IT Objects, a company his wife was listed as owner of on paper, but Palla was the real boss.

Palla lied to the SBA, claiming IT Objects was a woman-owned business to get a government contract. He snagged two PPP loans, totaling $351,900, and a pair of EIDL loans, worth $499,900. Instead of helping his ’employees,’ Palla transferred nearly all the cash into his personal accounts and used it to trade securities.

He got away with the scheme for years, even getting the SBA to forgive both PPP loans after he lied about how he spent the money. Palla used the same tactics with the EIDL loans, keeping most of the cash for himself.

Now he’s facing justice, after pleading guilty to making false statements in connection with his scheme. Palla will likely get some serious time in the slammer for his crimes.