Albuquerque man sentenced to three years for COVID loan fraud

An Albuquerque man was sentenced to three years in prison for fraudulently obtaining more than half a million dollars in COVID-19 pandemic loans. A federal judge also ordered Scott A. Spiro, 64, to repay more than $679,000 in restitution.

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

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

Prosecutors said Spiro used the funds for personal purchases, including multiple properties in Alamogordo and Ruidoso.