Latest news with #RenovisHealthcare
Yahoo
02-06-2025
- Business
- Yahoo
Southfield doctor convicted of bank fraud after securing $1.7M PPP loan
The Brief A jury has found a Southfield doctor guilty of bank fraud after he obtained a loan for a start-up business. Doctor Reginald Eburuche fraudulently received a Paycheck Protection Program loan during the pandemic for a business he had previously failed to secure financing for, the jury found. He also created faulty tax documents and inflated the number of employees on the company's payroll, the U.S. Attorney's Office said. (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
CBS News
31-05-2025
- Business
- CBS News
Southfield doctor found guilty of fraudulently securing $1.7 million federal loan
A federal jury has convicted a Southfield, Michigan doctor of bank fraud after he deceptively obtained a $1.7 million loan from the Paycheck Protection Program, according to the U.S Attorney's Office for the Eastern District of Michigan. The jury found Dr. Reginald Eburuche guilty on Thursday. The attorney's office, citing evidence presented at trial, said Eburuches looked at getting a loan from the PPP program after unsuccessfully attempting to get a line of credit for his start-up business Renovis Healthcare in 2019. Eburuche "grossly inflated the number of employees and the average monthly payroll" in his loan application, according to federal officials. He also created and uploaded fraudulent tax documents that made it look like his headcount and salary expenditures were legitimate. He received the $1.7 million loan in July 2020 during the COVID-19 pandemic. According to the attorney's office, a large portion of the funds were frozen and seized ahead of the trial. "When a licensed professional chooses fraud over integrity, the harm runs deeper than dollars," U.S. Attorney Jerome Gorgon Jr. said in a release about the conviction on Friday.
