(FOX 2) - A Southfield doctor has been convicted of bank fraud for illegally obtaining a $1.7 million loan for a business using a Covid-era financing option.
Reginald Eburuche was found guilty of bank fraud by a federal jury, the U.S. Attorney for the Eastern District of Michigan announced.
Big picture view:
Southfield-based doctor Reginald Eburuche fraudulently obtained a loan through the federal Paycheck Protection Program in July 2020, a jury concluded last week.
Announcing the conviction over the weekend, the U.S. Attorney's office said Eburuche applied for a $1.7 million PPP loan to pay for his start-up business, Renovis Healthcare.
After failing to obtain a line of credit for the venture, he applied for the loan, lying about the number of employees on the payroll as well as uploading fraudulent tax documents.
He was found guilty by jury trial on May 29.
What they're saying:
"When a licensed professional chooses fraud over integrity, the harm runs deeper than dollars," said U.S. Attorney Jerome Gorgon. "Dr. Eburuche stole money meant to keep workers afloat during a time of crisis. This Office will continue to pursue those who exploited these programs for personal gain."
The Source: Reporting for this story included details from a press release issued by the U.S. Attorneys office was