Northridge Man to Be Convicted of $655,000 COVID Relief Fraud – Daily News

Northridge Man to Be Convicted of $655,000 COVID Relief Fraud – Daily News

In total, Goldstein and Magana applied for more than five separate PPP business loans totaling more than $2.5 million from various banks, according to documents filed in Los Angeles federal court. On the same day that the funds were issued to Goldstein’s companies, he transferred more than half the money into his personal bank accounts. The PPP loan program was launched at the beginning of the COVID-19 pandemic and was designed to allow business owners to keep workers on their payroll.

Prosecutors say Goldstein applied for four different PPP loans to Bank of America totaling more than $1.2 million on behalf of various companies while using fake tax documents and false employee information. Goldstein’s business partner, Raymond Magana, 40, of Santa Clarita, pleaded guilty in January to fraudulently obtaining PPP loans and is expected to be sentenced next month.

Two of those PPP loans ultimately were approved, and Goldstein’s companies received a total of $655,000 in PPP loan funds. Goldstein admitted to fraudulently obtaining $655,000 in PPP loans.

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