New Mexico man sentenced to three years for COVID loan fraud

A New Mexico man was sentenced to three years in prison after he received more than half a million dollars in fraudulent COVID-19 pandemic loans. Scott A. Spiro, 64, was ordered to repay more than $679,000 in restitution.

Spiro created several shell companies between 2020 and 2021 to send loan and loan forgiveness applications to the Small Business Administration, according to court records.

The funds were used for personal purchases, including multiple properties in Alamogordo and Ruidoso.

Spiro pleaded guilty to three counts of wire fraud, three counts of false statements to a financial institution, and two counts of money laundering.