Man Arrested After Splurging $2 Million COVID Relief On Luxury Cars And Houses
Jorge Abramovs | Image: Daily Mail
A Las Vegas man has been arrested after fraudulently obtaining nearly $2 million in federal COVID-19 relief funds meant for small businesses – all so he could buy luxury cars and homes.
Jorge Abramovs was arrested on January 15 and charged with one count of bank fraud, federal prosecutors from the US Attorney’s office in Nevada said in an unsealed criminal complaint.
He allegedly applied for Paycheck Protection Program funds between April and June 2020 to at least seven banks but lied about the number of his employees and payroll, according to the Las Vegas Review-Journal. Instead, he spent on a life of luxury including downtown condominiums, trips to lavish casinos, a $260,000 Bentley convertible and a Tesla.
Abramovs completed the loan applications using several company names such as National Investment Group Corporation, National Legal Advisors in Care of and National Investment Group. According to the company’s vague website, the company offers ambiguous staffing and law firm services. Websites and social media accounts linked to the businesses have been deleted.
Abramovs received at least six loans in the name of NIGC and at least five in the name of NLA. He “misrepresented the number of employees and the amount of revenue and payroll his companies had” to the banks and filed for multiple funds and each application included a variation of a S. Fort Apache Road address, according to the complaint.
In one application, Abramovs claimed NIGC had 18 employees and an average monthly payroll of $64,797. In another, he claimed NIGC had 49 employees and an average monthly payroll of $55,235.
“Financial Overall he allegedly obtained $1,986,737.46 in fraudulent PPP loan funds,” as per the complaint.
On each loan application, he certified that he would not receive another PPP Loan. In his applications, he indicated the loan money would be used towards rent and payroll, but instead, he bought himself luxury cars and new downtown apartments.
“Financial analysis shows that Abramovs spent the money on purchases of luxury items for himself, including the purchase of a 2020 Bentley, a 2020 Tesla, and two condominiums located in Veer Towers in Las Vegas, Nevada,” according to the criminal complaint.
On June 3 he purchased a 2020 Bentley Continental GT Convertible for $260,982 with taxes and fees. Two weeks later on June 18 he purchased a 2020 Tesla Model 3 for $54,904 after a trade-in. He purchased his first luxury condo at the Veer Towers, located on Las Vegas’ iconic Strip, in late May. In June he purchased another condo in the same building, this time for $412,000.
Abramovs was ordered remanded in custody during a detention hearing on Friday.
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