Man sentenced for taking millions of dollars in loan fraud
PHOENIX (KYMA, KECY) - A man was sentenced to four years in prison after pleading guilty to fraud in taking millions of dollars in loans.
48-year-old James Theodore Polzin plead guilty in October 2021 and was also ordered to pay over $2 million.
Polzin was obtaining millions of dollars through Paycheck Protection Program (PPP) loans which came from a COVID-19 relief funds.
Polzin would submit fake loan applications and later receive over $3.5 million, which he then used for his personal benefit, including buying a Porsche and a home.
