Stephen L. Gurba, a 68-year-old from Florida, has been formally indicted for alleged COVID loan fraud involving his deceased business partner's identity.
What happened: Gurba reportedly submitted bogus loan applications between March and June 2020 using the name of his late partner to secure funds for two trucking companies, Big Red Express and Zenith Express.
- He is accused of forging the partner's signature on Economic Injury Disaster Loan (EIDL) applications and submitting them to the Small Business Administration (SBA).
- A Paycheck Protection Program (PPP) loan worth nearly $955,000 was allegedly misused by Gurba for personal gain and unrelated debts.
Legal jeopardy: Gurba faces up to 20 years in prison for each wire fraud charge and 30 years for making false statements. Additionally, he could serve a mandatory two-year sentence for identity theft, according to an official press release.
Investigations were conducted by the Federal Housing Finance Agency and SBA's Office of Inspector General. If convicted, authorities plan to seize $1.2 million tied to the scheme's profits.