25properties bought with $11 million in fake PPP loans
A Henderson, Nevada man used $11 million from three fraudulent PPP loans, filed under a fictional entity called Holdings Trust, to buy about 25 properties, luxury vehicles and fund extensive gambling.
Meelad Dezfooli kept selling the properties even after he was indicted. He was convicted at trial and sentenced in 2025 to more than 15 years in prison.
Source: US Department of Justice, Office of Public Affairs. Read more: ppp loan fraud · case file