Addison man charged with fraud over pandemic-era loans

An Addison man is facing federal fraud and money laundering charges stemming from a scheme prosecutors said involved pandemic-era loan programs.

Francesco Distefano, 28, is accused of conspiring with a California man to secure multiple Paycheck Protection Program and Economic Injury Disaster loans authorized through the COVID-era CARES Act, and using the funds to buy luxury vehicles and real estate.

Along with Sargis Urumieh, 57, of Glendale, California, Distefano is accused of bilking the federal government out of roughly $6.3 million.

Prosecutors said the pair falsified loan applications and used the money instead to buy sports cars and a residence in California.

Distefano is charged with eleven counts of wire fraud, five counts of money laundering and one count of knowingly making a false statement to a bank.

Some of those charges carry a maximum sentence of 30 years in prison, authorities said.