Yoel Weiss, 42, from Scranton, Pennsylvania, has been indicted on 41 federal charges, including wire fraud, making false statements to the Small Business Administration (SBA), identity theft, unlawful monetary transactions, and witness tampering, according to the U.S. Attorney’s Office for the Middle District of Pennsylvania.
Weiss is accused of obtaining nearly $850,000 in Economic Injury Disaster Loan (EIDL) funds by submitting fraudulent applications. The funds were intended to support small businesses facing financial hardship due to the COVID-19 pandemic. However, Weiss allegedly used the money for personal expenses, violating the program’s rules.
According to the department, Weiss operated several business entities across Pennsylvania and New York, through which he filed at least seven fraudulent EIDL applications. These applications falsely claimed the existence of businesses that had no actual operations, providing misleading information about business start dates, employee numbers, and financial data such as revenue and rental income.
The EIDL program, created by the CARES Act in March 2020, was designed to help businesses affected by the pandemic. However, Weiss allegedly exploited it for personal gain.
In addition to the fraud charges, Weiss is accused of attempting to influence a witness, allegedly threatening and intimidating the individual to prevent their testimony before a federal grand jury.
The most serious charges Weiss faces could result in up to 20 years in prison, along with supervised release and fines, depending on the outcome of the case.
It’s important to note that indictments are merely allegations, and all individuals are presumed innocent until proven guilty in court.
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