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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Marshall Monteagle Full Year 2025 Earnings: EPS: US$0.017 (vs US$0.10 in FY 2024)
Revenue: US$85.2m (up 2.6% from FY 2024). Net income: US$615.0k (down 83% from FY 2024). Profit margin: 0.7% (down from 4.4% in FY 2024). The decrease in margin was driven by higher expenses. EPS: US$0.017 (down from US$0.10 in FY 2024). AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. All figures shown in the chart above are for the trailing 12 month (TTM) period Marshall Monteagle's share price is broadly unchanged from a week ago. Before we wrap up, we've discovered 2 warning signs for Marshall Monteagle that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
31 minutes ago
- Yahoo
Germany's Volkswagen to increase stake in US electric carmaker Rivian
German car giant Volkswagen is set to increase its stake in electric vehicle maker Rivian with a planned second payment of $1 billion due this Monday, after the US-based company recently achieved key financial targets in early May. The payment will increase Volkswagen's stake in the company, which stands at 8.6% after an initial $1 billion investment last year. The cash injections are part of a broader cooperation agreement under which Volkswagen has pledged up to $5.8 billion to Rivian. This strategic investment gives Volkswagen access to Rivian's advanced electric vehicle (EV) architecture - technology the German carmaker hopes will help resolve persistent software development challenges that have delayed its own EV launches in the past. Rivian, founded in 2009, has faced financial difficulties in recent years but has now reported gross profits for two quarters in a row. This allowed Volkswagen to release the latest $1 billion payment. However, Rivian still recorded a net loss of $541 million in the last quarter, though this was much lower than the $1.445 billion loss previously reported. Future payments from Volkswagen will depend on the achievement of additional technological milestones, with the next $1 billion trance scheduled for mid-2026 and a final $500 million expected in 2027 when Volkswagen plans to launch its first vehicle featuring Rivian's technology. Of Volkswagen's total $5.8 billion commitment, $3.5 billion is earmarked for acquiring Rivian shares, which could eventually make Volkswagen the company's largest shareholder, surpassing current majority stakeholder Amazon. The remaining $2.3 billion will be invested in the joint venture Rivian Volkswagen Technologies, launched in late 2024. This venture will focus on developing a new electronic architecture and software platform for electric vehicles, which will be shared by both partners. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Hiker's wilderness adventure ends in tragedy at popular park destination
An Illinois man died after falling while hiking at a state park in New York. The 70-year-old tourist, Jack Wersching, was hiking in the Kaaterskill Wild Forest in the Catskills on the evening of Friday, June 20, when he fell from a rock ledge onto stone steps below, according to a statement from New York State Police. Wersching, of Park Ridge, Illinois, was walking along a path near a waterfall when the incident occurred. Park rangers responded quickly to the scene and attempted to stabilize him for an airlift to a hospital, but he died at the scene. Second Missing Hiker Found Dead In Maine As Authorities Conclude Massive Search Operation "DEC sends our condolences to the hiker's family, and thanks the first responders for their efforts," the Department of Environmental Conservation said in a statement, adding that it was investigating. Read On The Fox News App Hiker Found Dead In Maine, Search Continues For 28-Year-old Daughter A witness to the accident told the New York Post that he recalled hearing cries for help and finding Wersching badly injured. Shilo Shalom, who had briefly met Wersching and his family earlier in the day while hiking, told the outlet he had attempted to assist by using shirts to stem the bleeding. Fatal Fall In Washington's North Cascades Kills 3, Leaves 1 Survivor "I just tried to save him, and I couldn't," Shalom told the outlet. Wersching's family also shared a statement with the Post and described him as a "loving husband, father, and grandfather, remembering him as someone who approached life with curiosity and a sense of adventure." "Though we are devastated by this loss, we take comfort in knowing he was doing something he truly loved when he passed," Wersching's family said in the article source: Hiker's wilderness adventure ends in tragedy at popular park destination
