PORTLAND — An Oregon man has pleaded guilty in a scheme to steal money intended to help small businesses during the COVID-19 pandemic, according to federal prosecutors.
Benjamin Tifekchian, 47, of Portland, on Tuesday pleaded guilty to bank fraud as part of a plea deal, U.S. Attorney Scott Erik Asphaug of the District of Oregon said in a news release.
In 2019, Tifekchian incorporated Bencho Jewelry Inc. in Oregon, was the sole owner and officer, and never generated over $500 in revenue per year, court documents say.
After Congress passed the Coronavirus Aid, Relief, and Economic Security Act to provide emergency financial assistance to Americans amid the pandemic, Tifekchian successfully obtained more than $884,000 in a Paycheck Protection Program loan. He falsely claimed Bencho employed 78 people and had an average monthly payroll of $353,698.