30-year old Meelad Dezfooli of Henderson was convicted by a federal jury Wednesday of defrauding three banks of more than $11 million in COVID-19 relief funds.
The pandemic relief funds were intended to help small businesses impacted by the pandemic.
According to the U.S. Department of Justice, Dezfooli submitted three fraudulent loan applications to banks, alleging that he controlled three companies that needed the money.
The evidence presented at the trial showed that Dezfooli had falsified information about the companies, including payroll, employees, and what the loan money would be used for.
After receiving more than $11.2 million in funds, Dezfooli allegedly bought 25 houses and two luxury cars, funded a personal investment account for himself, and gambled extensively.
After he was charged, Dezfooli continued to launder the money by selling five of the houses that he bought with the funds.
The jury convicted Dezfooli of charges including three counts of bank fraud and three counts of money laundering.
His sentencing is scheduled for December 5 and he faces a maximum sentence of almost 200 years in prison for the combined charges.
