man was arrested on a federal grand jury indictment alleging he fraudulently obtained nearly $3.2 million in COVID-19 loans for his businesses, the Justice Department announced.
According to a federal grand jury indictment, Shehata organized and registered four limited liability companies that purportedly operated in Marina del Rey: Shirmak Group LLC; Cynergy Group Internatioal LLC; Global Network Investments LLC; and Alpha and Omega Group LLC. Officials say the PPP loans were to be used by recipients to pay only certain authorized business expenses, such as payroll, mortgage interest, lease, and utilities. However, Shehata’s four businesses were nothing more than shell companies, the indictment alleges.
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