Cobb man convicted of fraud after utilizing $12M to reside lavish way of life

A 49-year-old Marietta man faces 170 years in jail after he was convicted of fraud.

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On Friday, a jury convicted Carl Delano Torjagbo, AKA Karl Lucius Delano Torjagbo, 49, of Marietta, of financial institution fraud, wire fraud, and cash laundering.

According to court docket paperwork, on February 13, 2021, Torjagbo submitted two tax returns to the IRS. Each tax return had a distinct social safety quantity and date of beginning.

The counterfeit tax returns confirmed that Torjagbo had tens of millions of {dollars} in losses that offset earnings from his African gold mine enterprise, Kremkov Industries, the Department of Justice mentioned. This resulted within the U.S. Treasury issuing a test for $3,366,240.76 to Torjagbo.

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The DOJ mentioned, days later, Torjagbo signed a Paycheck Protection Program (“PPP”) mortgage requesting $9,554,425 for his firm. Court paperwork revealed that Torjagbo erifited that the corporate was opened on February 15, 2020.

The 38-year-old mentioned he had 493 workers who reside throughout the U.S., and had a median month-to-month payroll of almost $4 million.

In March 2021, Torjagbo acquired $9.6 million in a PPP mortgage. Officials mentioned he used the PPP mortgage and tax refund to buy the next:

• $1,677,861.01 for his dwelling;

• $332,999.80 for a 2014 Lamborghini Aventador;

• $120,799.79 for a 2022 BMW M850xi;

• $90,520 for a 2021 Land Rover Range Rover Velar;

• $51,000 for the down fee on a 72-foot yacht;

• Over $1,000,000 for actual property, vans, and trailers to begin a brand new enterprise;

• More than $15,000 for cosmetic surgery.

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He faces a most of 170 years in jail, adopted by 5 years of supervised launch. He is scheduled to be sentenced on Nov. 3.