ATLANTA – In a stunning betrayal of trust, Carl Delano Torjagbo, also known as Karl Lucius Delano, has been found guilty by a federal jury on charges including bank fraud, wire fraud, and money laundering. The Georgia man’s schemes, which involved a fraudulent $9.6 million Paycheck Protection Program (PPP) loan and a fraudulent $3.4 million IRS refund, have landed him in deep trouble with the law.
“This defendant’s massive PPP fraud exploited a program designed to assist struggling Americans during a global pandemic,” U.S. Attorney Theodore S. Hertzberg declared. “Torjagbo then added insult to injury by falsely claiming a $3.4 million tax refund.”
The FBI’s Atlanta Special Agent in Charge Paul Brown echoed the sentiment, saying, “Legitimate PPP loans were meant to save small businesses during this crisis. Torjagbo chose greed over compassion and will be held accountable for his actions.”
Special Agent in Charge Demetrius Hardeman of the IRS Criminal Investigation Atlanta Field Office highlighted the impact of Torjagbo’s crimes on legitimate businesses, stating, “Taxpayers’ money should have gone to businesses during this pandemic. Instead, it ended up in Torjagbo’s hands, funding his lavish lifestyle.”
The Treasury Inspector General for Tax Administration (TIGTA) Special Agent-in-Charge Joel Weaver emphasized the importance of holding individuals accountable, saying, “We appreciate the efforts of our law enforcement partners to ensure those engaged in such criminal activity are held responsible.”
According to U.S. Attorney Hertzberg, Torjagbo’s fraudulent activities began with false tax returns submitted on February 13, 2021, using different social security numbers and associated dates of birth. These returns falsely claimed millions in losses from his African gold mine business, Kremkov Industries, resulting in a $3,366,240.76 refund check. Just days later, Torjagbo applied for the PPP loan, falsely certifying several key details about Kremkov Industries and submitting fraudulent documents to support his application.
On March 29, 2021, Torjagbo received the PPP funds, which he used for personal expenses rather than business needs. He spent the money on luxury items, including a Lamborghini Aventador, a BMW M850xi, a Land Rover Range Rover Velar, and even the downpayment on a yacht. The IRS investigation revealed that Torjagbo’s actions represent a flagrant abuse of a program intended to support businesses during one of the most challenging economic periods in recent memory.
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Key Facts
- State: Georgia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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