A resident of California has been sentenced to almost four years in prison for his role in a Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) fraud scheme.
According to the U.S. Department of Justice (DOJ), Abraham Park of La Mirada, California, submitted over 120 fraudulent SBA EIDL applications worth $12 million from 2020-2022.
“Park was the owner and CEO of a California financial services company that assisted clients with obtaining financing, including loans, and repairing credit scores. After the COVID-19 pandemic started, Park advised his clients to create fictitious corporate entities so that he could submit fraudulent EIDL loan applications to the SBA on their behalf. In return, his clients paid Park a portion of the funded loans as a kickback. In addition
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