BALTIMORE COUNTY — A Baltimore County man faces 20 years after pleading guilty to wire fraud.
David Epstein, 46, fraudulently obtained more than $1.3 million in coronavirus pandemic loans.
Back in 2020, and continuing through February 2021, Epstein defrauded Cross River Bank, Bluevine, Celtic Bank and the United States Small Business Administration.
He did this to get loans for his temporary staffing company, PEI Staffing (PEI).
Specifically, on April 30, 2020, Epstein submitted a false PPP loan application requesting $1,307,170 in funds.
The application allegedly contained false statements including the number of employees, the wages paid to employees and funds received would be spent on business utilities.
Within four days, Epstein opened four personal bank accounts at two separate banks and transferred the PPP loan proceeds to those accounts to be used for personal and unauthorized uses.
One day after getting the funds, he made a payment on a 2019 Mercedes-Benz GT43C4.
About two weeks after getting the money, he transferred funds to a contractor for extensive renovations to his home. A pool was also installed.
Epstein used the money for various other things like a trip to a luxury golf resort, paying off debts and giving money to family.
