Cobb man convicted of fraud after using $12M to live lavish lifestyle
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On Friday, a jury convicted Carl Delano Torjagbo, AKA Karl Lucius Delano Torjagbo, 49, of Marietta, of bank fraud, wire fraud, and money laundering.
According to court documents, on February 13, 2021, Torjagbo submitted two tax returns to the IRS. Each tax return had a different social security number and date of birth.
The counterfeit tax returns showed that Torjagbo had millions of dollars in losses that offset earnings from his African gold mine business, Kremkov Industries, the Department of Justice said. This resulted in the U.S. Treasury issuing a check for $3,366,240.76 to Torjagbo.
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The DOJ said, days later, Torjagbo signed a Paycheck Protection Program ('PPP') loan requesting $9,554,425 for his company. Court documents revealed that Torjagbo erifited that the company was opened on February 15, 2020.
The 38-year-old said he had 493 employees who reside across the U.S., and had an average monthly payroll of nearly $4 million.
In March 2021, Torjagbo received $9.6 million in a PPP loan. Officials said he used the PPP loan and tax refund to purchase the following:
$1,677,861.01 for his home;
$332,999.80 for a 2014 Lamborghini Aventador;
$120,799.79 for a 2022 BMW M850xi;
$90,520 for a 2021 Land Rover Range Rover Velar;
$51,000 for the down payment on a 72-foot yacht;
Over $1,000,000 for real estate, trucks, and trailers to start a new business;
More than $15,000 for plastic surgery.
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He faces a maximum of 170 years in prison, followed by five years of supervised release. He is scheduled to be sentenced on Nov. 3.
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