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Rocklin Business Owner Pleads Guilty to Bank Fraud
In a shocking turn of events, Kevin Lee Co, 51, of Rocklin, California, pleaded guilty to submitting false statements to a financial institution, announced U.S. Attorney Phillip A. Talbert.
Co, the sole owner of Apollo HP Inc., a Rocklin-based company that sells generators, windows, and residential solar panels, used the money he embezzled to purchase luxury cars, home furniture, and NFL football and NBA basketball season tickets.
Between April 2020 and January 2021, Co applied for and obtained Paycheck Protection Program loans for his company. However, in his loan applications, Co concealed the fact that he had pleaded guilty to wire fraud and money laundering charges in order to cause two banks to approve loans for his company.
As a result of Co’s false statements, financial institutions suffered a total loss of $530,552. Co faces a maximum statutory penalty of 30 years in prison and a $1 million fine on the false statements charge.
Additionally, Co is facing a maximum statutory penalty of 20 years in prison and a $250,000 fine for the wire fraud charge. For the money laundering charge, Co faces a maximum statutory penalty of 20 years in prison and a fine of up to $500,000, or twice the value of the property involved in the money laundering transactions.
Co is scheduled to be sentenced by U.S. District Judge Troy L. Nunley on Aug. 18, 2022. This case was the product of an investigation by the IRS Criminal Investigation, the Federal Bureau of Investigation, and the Federal Reserve Board and Consumer Financial Protection Bureau – Office of Inspector General. Assistant U.S. Attorney Brian A. Fogerty is prosecuting the case.
The case against Co is a stark reminder of the dangers of embezzlement and bank fraud. As a business owner, Co had a responsibility to act with integrity and honesty, but instead, he chose to deceive and defraud the financial institutions that trusted him.
Co’s guilty plea is a significant victory for the IRS Criminal Investigation, the Federal Bureau of Investigation, and the Federal Reserve Board and Consumer Financial Protection Bureau – Office of Inspector General, who worked tirelessly to bring this case to justice.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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