LOS ANGELES (CNS) — A Santa Clarita man pleaded guilty today to a federal fraud charge for obtaining $655,000 in Paycheck Protection Program loans by submitting phony tax documents and employee information.

Raymond Magana, 39, pleaded guilty via Zoom on Tuesday, Jan.26, to a single count of fraud in connection with major disaster or emergency benefits, according to the US Attorney’s Office.

US District Judge Stanley Blumenfeld Jr. set a May 11 sentencing hearing in Los Angeles federal court.

Magana admitted to using fraud to obtain $655,000 in PPP loans.

Last month, co-defendant Steven R. Goldstein, 36, of Northridge, pleaded guilty to the same charge. Blumenfeld scheduled a March 30 sentencing hearing for Goldstein.

Prosecutors say the defendants applied for more than five separate PPP business loans totaling more than $2.5 million from various banks.

The PPP loan program was launched at the beginning of the COVID-19 pandemic and was designed to allow business owners to keep workers on their payroll.

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