Placer County man makes use of COVID loans for ‘lavish way of life”, DOJ says

(FOX40.COM) — A Placer County man has pleaded responsible to stealing practically $1.5 million in COVID-Relief loans to fund a “lavish lifestyle,” in keeping with the United States Department of Justice.
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Jedrek Upton, 45, of Lincoln, pleaded responsible to 1 depend of wire fraud and one depend of cash laundering, U.S. Attorney Eric Grant introduced.

DOJ officers stated that in keeping with court docket paperwork, between January 2021 and May 2022, Upton repeatedly lied on functions for COVID-19 catastrophe aid funds that he submitted on behalf of his companies.

Officials added that the misrepresentations included false statements relating to the variety of workers or payroll and the way he would spend the cash to alleviate financial harm brought on by COVID-19. In assist of those functions, Upton additionally submitted falsified IRS paperwork.

In actuality, the DOJ reported that among the companies had no workers or payroll, and Upton spent a lot of the cash acquired on private bills. Upton acquired practically $1.5 million in ill-gotten loans from the United States, a big portion of which was finally forgiven after Upton falsely claimed that he had spent it on payroll.

Instead of reliable enterprise bills, the cash that Upton acquired allowed him to fund a “lavish lifestyle,” DOJ stated. He paid off private bank cards, transferred cash to different individuals, leased a Ferrari and a Lamborghini, and made a big down fee on a $2.7 million, 10-acre property.

In addition to pleading responsible, Upton agreed to forfeit his curiosity within the property he bought and pay practically $1.5 million in restitution to the United States, DOJ said.

Upton is scheduled to be sentenced by Senior U.S. District Judge John A. Mendez on March 24, 2026.

He faces a most statutory penalty of 20 years in jail and a $250,000 high quality on the wire fraud depend and 10 years in jail and a $250,000 high quality on the cash laundering depend.