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Orange County Man Sentenced to 30 Months in Prison for PPP Loan Fraud
SANTA ANA, California – William Nicoloff Jr., 51, of Mission Viejo, was sentenced to 30 months in federal prison for fraudulently obtaining more than $1.5 million in Paycheck Protection Program (PPP) COVID-relief loans.
Nicoloff was sentenced by United States District Judge James V. Selna, who also ordered him to pay $1,554,063 in restitution.
Nicoloff pleaded guilty in April 2021 to one count of bank fraud and one count of conducting an unlawful monetary transaction.
From April 2020 to June 2020, Nicoloff obtained six PPP loans by defrauding two banks. To obtain the loans, he submitted to the banks false documents on behalf of four companies he owned and controlled – including Stonecreek Capital Partners and David Capital LLC – as well as himself and another individual.
The fraudulent documents included falsified bank records, phony lease agreements, altered incorporation records, fake IRS records and bogus employee information.
Nicoloff transferred $405,880 in proceeds from the David Capital loan to a separate brokerage account and engaged in securities trading as well as using some of the loan to pay off personal expenses.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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