A San Diego businessman who pleaded guilty to fraudulently obtaining nearly $3 million in funds intended to assist businesses affected by the COVID-19 pandemic was sentenced Tuesday to 18 months in prison.
According to the U.S. Attorney’s Office, Thomas Zolezzi 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 said Zolezzi admitted to making false statements on five loan applications and that he used the funds he received on personal expenses. He pleaded guilty in late 2023 to wire fraud.
Along with custody, Zolezzi was ordered Tuesday to pay $700,884.75 in restitution to the Small Business Administration and $2,238,910.24 to Capital Plus Financial.
