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CHICAGO - A 41-year-old Chicago man has been found guilty of wire fraud for his involvement in a scheme to defraud a government program during the coronavirus pandemic.
Prosecutors say Quamdeen Amuwo obtained over $2.7 million in small business loans and grants under the CARES Act by submitting fraudulent loan applications containing false information on behalf of businesses that he and others allegedly owned.
The Economic Injury Disaster Loan program was intended to help legitimate businesses that were suffering from the economic effects of the pandemic.
Amuwo used the funds he obtained for personal expenses, prosecutors said.
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On June 29, 2023, Amuwo was convicted of all 12 wire fraud counts he had been charged with. Additionally, the jury found that about $120,000 seized from accounts belonging to Amuwo should be forfeited to the government.
Amuwo faces a sentence of up to 20 years in federal prison for each wire fraud count. His sentencing is scheduled for October 10, 2023.