Fraud Friday: Cut and run


A Tarzana couple is on the run after cutting off their ankle tracking bracelets while they awaited trial for their part in a COVID-19 fund scam. The two fugitives and two relatives were found guilty in June for fraudulent loan applications that netted them more than $18 million in PPP and EIDL program funds. The scam focused on vulnerable victims such as the elderly, foreign exchange students, and deceased individuals. The couple used the funds to put down payments on luxury homes in Tarzana, Glendale, and Palm Desert and purchase diamonds, designer handbags, and a Harley Davidson motorcycle. They were scheduled to be sentenced on October 4. (https://abc7.com/tarzana-fugitives-fbi-couple/11019826/)

CPAs, get four hours of fraud CPE with our 2021 Fundamentals of Fraud Prevention & Detection On-Demand WebinarClick here for more information.