April 23, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Hollywood Executive Sentenced to Over 3 Years in Prison for Fraudulently Obtaining $1.7 Million in PPP Loans

William Sadleir sentenced to 41 months in federal prison this week

The former chairman and CEO of Beverly Hills-based Aviron Pictures was sentenced this week to 41 months in federal prison for applying for and receiving $1.7 million in loans under the Paycheck Protection Program (PPP) for Aviron entities when the entire operation was being shuttered because of his embezzlement.

William Sadleir, 68, of Beverly Hills, was sentenced by United States District Judge Dolly M. Gee, who also ordered him to pay $282,566 in restitution.

Sadleir pleaded guilty on March 16 to one count of bank fraud and one count of money laundering.

In April 2020, Sadleir – who had been terminated from Aviron Pictures four months earlier after a major company investor discovered he had embezzled company funds – filed bank loan applications that fraudulently sought more than $1.7 million dollars in forgivable PPP loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Sadleir obtained the loans for three Aviron entities by falsely representing that the funds would be used to support payroll expenses for 33 employees at each company, when in fact the entities were no longer operational.

Within days of the loans being funded on May 1, 2020, Sadleir transferred nearly $1 million to his personal checking account.

Sadleir spent most of the fraudulently obtained loan proceeds on utility bills, mortgage expenses, and his personal lawyer. He did not use any of the fraudulent loan proceeds to pay employees of the Aviron companies.

Following the discovery of the fraudulent loan applications, federal agents seized $308,058 of fraudulent loan proceeds from an Aviron account, and Sadleir returned $1,122,090 to the bank that funded the loans. As a result of the fraudulent PPP loan scheme, the SBA suffered losses of $282,566.

On September 9, Sadleir was sentenced in the Southern District of New York to 72 months in federal prison after pleading guilty to two wire fraud counts for misappropriating more than $25 million that had been invested in Aviron. Judge Gee today ordered that the sentence imposed in the Los Angeles will run concurrent to the six-year sentence in the New York case.

The FBI, the SBA’s Office of Inspector General, and the Federal Deposit Insurance Corporation’s Office of Inspector General investigated the Los Angeles matter.

Assistant United States Attorney Gregory Bernstein of the Major Frauds Section prosecuted this case.

in Crime, News
Related Posts

Supreme Court Debates Legality of Ticketing Homeless Individuals, Hears Grants Pass Case

April 22, 2024

April 22, 2024

Landmark Case Raises Questions of Cruel and Unusual Punishment The Supreme Court engaged in a lengthy debate on Monday, lasting...

Taste of the Nation Returns to Culver City: Culinary Event Devoted to Fighting Childhood Hunger

April 22, 2024

April 22, 2024

Top Chefs and Tastemakers Join Together May 4th for No Kid Hungry’s Charity Event Taste of the Nation for No...

Extremist’s Arsenal: Felon’s Hate-Fueled Weapons Cache Leads to Federal Time

April 22, 2024

April 22, 2024

Man Was Part of a Hate Group, Posted Calls for Genocide and Racist Remarks Ryan Scott Bradford, a 35-year-old man...

(Video) Ariana Madix Confirms Something About Her Will Open Soon at LA Times Festival of Books

April 22, 2024

April 22, 2024

Ariana Madix answers the questions that fans want to ask at the Festival of Books as she appears to support...

Comedian Michelle Collins Brings her Big Natural Tour to LA

April 21, 2024

April 21, 2024

She’s funny, tall, glam and finally long-legging her way across these United States… it’s the Michelle Collins stand-up comedy tour...

Former CBS CEO Admits Role in Disclosure of Confidential Police Information

April 21, 2024

April 21, 2024

Leslie Moonves Fined for Aiding Misuse of Confidential Data in LAPD Complaint Former CBS CEO Leslie Moonves has acknowledged his...

Los Angeles Police Department Reveals Identity of Victim Found in Stolen U-Haul Truck in West Adams

April 21, 2024

April 21, 2024

Body Found in Rental Vehicle Was Shot in the Head, LAPD Seeks Information Detectives from the West Bureau Homicide Division...

Outrage Erupts Over Demolition of Iconic Midcentury Craig Ellwood Home in Brentwood

April 21, 2024

April 21, 2024

Destruction of Zimmerman House Creates Internet Backlash Preservationists lamented last year when another treasure of L.A.’s midcentury modern architecture vanished,...

Make Science Your Destination This Summer

April 19, 2024

April 19, 2024

Destination Science is the fun science day camp for curious kids with over 15 STEM activities weekly, three science stations...

Prime Time Sports Camps Coming Soon

April 19, 2024

April 19, 2024

Prime Time Sports Camp has remained a constant in the everchanging camp landscape for over 30 years by following this...

Groundlings Summer Improv Classes Open April 2

April 19, 2024

April 19, 2024

A summer of improvisation is around the corner at The Groundlings.  Three months of summer class offerings for teens will...

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm  Doors open at 10am!!

April 19, 2024

April 19, 2024

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm Doors open at 10am!! Free goodies!!...

Venice Kush Hosts “The Real Deal” Cannabis Celebration at the Beach

April 19, 2024

April 19, 2024

A Day of Education, Innovation, and Community at Venice Beach Venice Kush is gearing up to host its much-anticipated “The...

Get Jokerfied with The People’s Joker Director Vera Drew Interview; Now Playing at the Nuart Theatre

April 19, 2024

April 19, 2024

Vera Drew on Crafting a Trans Supervillain and Creating Comedy Chaos By Dolores Quintana The People’s Joker is an explosive...

Nicolas Cage Stars in Arcadian: A Bewitching Apocalypse

April 18, 2024

April 18, 2024

New Horror Film Delivers Solid Monster Movie Experience Arcadian is a new horror film starring Nicolas Cage (Dream Scenario, Mandy),...