https://www.charlottealertsnews.com/news/charlotte-tax-preparer-sentenced-to-prison-for-780000-coronavirus-fraud-and-money-laundering

In May 2024 Zadih Cadyma, 66, was sentenced to 30 months in prison followed by three years of probation for fraudulently obtaining $780,000 in COVID-19 pandemic relief loans and money laundering that occurred in Charlotte, NC.

Zadih was a tax return preparer who owned and operated a tax services company in Charlotte, NC and other registered businesses.

From 2020 to 2021, Zadih applied for 10 COVID-19 loans from the Economic Injury Relief Disaster Loan Program (EIDL) and three Paycheck Protection Program (PPP) loans for his businesses.

In the loan applications, Zadih made false representations about his businesses, including gross revenues, monthly payroll expenses, number of employees, and other covered operational expenditures.

As a result, Zadih fraudulently received $550,000 under the EIDL program and $230,000 in PPP loan proceeds.

Contrary to claims Zadih made on the loan applications that the funds would be used for legitimate and permissible business purposes, Zadih used the loan proceeds for his own benefit and to support his lifestyle, including to purchase a new luxury vehicle.  

On April 27, 2023, Zadih pleaded guilty to wire fraud and money laundering. At his May 2024 sentencing hearing Zadih was sentenced to 30 months in prison.