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Culver City Restaurateur’s $4M COVID-19 Loan Scheme Exposed
A high-profile restaurateur in Culver City has been caught in a web of deceit, as he pleaded guilty to fraudulently obtaining more than $4 million in COVID-19 economic-relief loans.
Philip Frederick Camino, 45, faces a maximum of 20 years in federal prison after admitting to one count of conspiracy to commit wire fraud. The scheme unfolded in 2020, as Camino submitted false and fraudulent applications to the United States Small Business Administration (SBA) and banks for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
According to his plea agreement, Camino owns several companies based in Hollywood, Westwood, Studio City, and Beverly Hills as well as in Arizona. He submitted more than 20 fraudulent loan applications, resulting in the approval and funding of loans totaling over $4 million.
The money was transferred to a bank account under Camino’s control, where he used it for expenses prohibited under the PPP and EIDL programs, including paying more than $100,000 in kickbacks to his accomplice. In one instance, Camino emailed a bank containing false documentation to support a $144,270 fraudulent PPP loan application on behalf of a company controlled by a co-conspirator.
United States District Judge Fred W. Slaughter scheduled a sentencing hearing for March 6, 2025. The investigation into this matter is ongoing, with Homeland Security Investigations, the FBI, and IRS Criminal Investigation leading the charge.
The case against Camino serves as a stark reminder of the risks associated with COVID-19 relief loan programs. Assistant United States Attorney Jennifer L. Waier is prosecuting the case, bringing Camino to justice for his alleged crimes.
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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