Eric Shibley, MD, received more than $2.8 million in funds as a result of the fraud.
Federal prosecutors allege Dr. Shibley submitted fraudulent loan applications to federally insured financial institutions, Small Business Administration-approved lenders and the Small Business Administration under the names of businesses with no operations. He was convicted of multiple counts of wire fraud, multiple counts of bank fraud and money laundering.
A federal jury found that Dr. Shibley falsified employee numbers and payroll expenses and submitted fake tax documents and names of purported employees who did not work for the business.
He is scheduled for sentencing in February and faces 20 years for each count of wire fraud, 30 years for each count of bank fraud and 10 years for money laundering.
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