San Diego Man Must Re-Pay Nearly $3M Obtained in Pandemic Loans After Guilty Plea

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U.S. cash. Image by PublicDomainPictures from Pixabay

A San Diego businessman pleaded guilty Thursday to making false claims in order to net nearly $3 million in funds intended to assist businesses affected by the COVID-19 pandemic.

According to the U.S. Attorney’s Office, Thomas Zolezzi, 61, falsely represented the number of employees, payroll and annual revenue for his business in order to receive three Paycheck Protection Program loans and two Economic Injury Disaster Loans.

Prosecutors say Zolezzi admitted to making false statements on five loan applications and that he used the funds he received for personal expenses.

His guilty plea includes an agreement to pay $700,885 in restitution to the Small Business Administration and almost $2.24 million to Capital Plus Financial.

– City News Service