Brief by Shorts91 Newsdesk / 10:52am on 31 Aug 2023,Thursday Business
Indian-American CEO Kishore Kethineni, based in California, received a two-year prison sentence for bank fraud and evading over $2 million in employment taxes. Kethineni pleaded guilty to orchestrating a scheme with his brothers to fraudulently secure over $3.1 million in loans under the Paycheck Protection Program (PPP). While he owned and led four companies involved, his brothers managed three others. They submitted deceptive PPP applications with falsified data. Kethineni diverted substantial loan funds for personal use instead of authorized expenses. He also admitted to evading employment taxes, resulting in a $2 million liability over five years.
