The California resident was sentenced to almost four years in prison for his role in the Small Business Management (SBA) Economic Injury and Disaster Loan (EIDL) fraud scheme.
According to the US Department of Justice (DOJ), Abraham Park in Lamirada, California submitted more than 120 fraudulent SBA EIDL applications worth $12 million from 2020 to 2022.
“Park was the owner and CEO of a California financial services company that helps clients raise funds, including loans, and helps them repair credit scores. After the Covid-19 pandemic began, Park advised clients to create fictitious corporate entities and added client invoices to submit invoices to the SBA. The client, Park, filed several applications for himself and his family for the fictitious entities.”
Park has collected 73 fraudulent loans and stole nearly $7 million from the Disaster Assistance Initiative.
Park previously pleaded guilty to one count and one money laundering of wire fraud in March.
Yesterday, DOJ announced that the former married CEO and president of a Hawaii-based shipbuilding company has been sentenced to a combined 15-year sentence in a $29 million investor fraud scheme.
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