Emanuel Tucker, 45, of Canyon Lake, spent the early months of the COVID-19 pandemic helping himself to millions meant for struggling businesses, federal prosecutors say. Over a two-year span, Tucker and his co-conspirators submitted dozens of fraudulent loan applications through the Small Business Administration’s Paycheck Protection Program and Economic Injury Disaster Loan program, ultimately securing about $15.9 million in taxpayer-backed funds, according to court records.
Rather than using the money to support legitimate businesses, authorities say Tucker spent the relief funds on luxury cars, including a Cadillac Escalade, a Bentley Continental, and a Ferrari F8 Tributo. He also purchased multiple million-dollar homes and high-end jewelry, including a $63,000 diamond ring and a $400,000 diamond necklace.
Tucker pleaded guilty this week to conspiracy to commit wire fraud and bank fraud, the Justice Department announced. Prosecutors said the loan applications contained false information about payroll, revenue, and other business details, and involved companies Tucker controlled.
Federal officials described the scheme as a serious breach of public trust. “The defendant’s egregious scheme relied on layers of deception to steal taxpayer money to buy himself luxury vehicles, residential properties, and jewelry,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “The Criminal Division remains dedicated to holding fraudsters who steal from the public fisc to account for their greed.”
Tyler Hatcher, special agent in charge of IRS Criminal Investigation’s Los Angeles office, added that the stolen funds were diverted from businesses that genuinely needed pandemic relief. “IRS-CI is proud to partner with our federal law enforcement organizations to investigate and ensure relief funds are spent in accordance,” he said.
Other federal officials weighed in as well. “Exploiting pandemic relief meant for struggling Americans is not only morally reprehensible, it’s a betrayal of public trust,” said FBI Assistant Director Jose A. Perez.
Tucker is scheduled to be sentenced on Dec. 4 and faces up to 20 years in prison. A federal judge will set his sentence after reviewing U.S. sentencing guidelines and other statutory factors.