SACRAMENTO, Calif. — A California man was sentenced to 10 years in federal prison on Thursday after pleading guilty to embezzling $4.8 million from his employer and defrauding banks, prosecutors said.
According to a news release from the U.S. Attorney’s Office for the Eastern District of California, Kevin Lee Co, 51, of Rocklin, pleaded guilty in December 2016 to wire fraud and money laundering. Prosecutors said he stole approximately $4.8 million from his former employer, Holt of California.
According to prosecutors, Co used the money to buy luxury cars, home furniture and season tickets to NBA and NFL games, KTXL-TV reported. Approximately $1 million was spent on the online video game, “Game of War,” according to the television station.
While awaiting sentencing for embellishment, the Rocklin business owner defrauded financial institutions through the Paycheck Protection Program. https://t.co/9KIcnBgv9j
— FOX40 News (@FOX40) August 19, 2022
While awaiting sentencing on those charges, prosecutors said Co submitted false statements to qualify for loans that were part of the Paycheck Protection Program, according to the news release.
Co was the sole owner of Apollo HP Inc., a Rocklin-based company that sells generators, windows, and residential solar panels, prosecutors said. Between April 2020 and January 2021, Co applied for and obtained PPP loans for his company.
While the loan applications required him to disclose his pending criminal charges and guilty pleas, Co did not list them. Two banks approved loans for his company and wound up losing $530,552, the news release stated.
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