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A Colorado man will spend time in prison for using pandemic-relief money to finance an extravagant lifestyle.
Joshua Lybolt, 47, was sentenced to 20 months in federal prison, $5,346,802.61 in restitution, and a $50,000 fine after pleading guilty to one count of wire fraud and one count of money laundering, according to a news release from the United States Attorney’s Office District of Colorado.
Man sentenced for using pandemic relief money for luxury items
Dig deeper:
Joshua Lyboltapplied for and received $4,950,000 in COVID-19 Economic Injury Disaster Loans (EIDL) from the Small Business Administration (SBA) and $41,667 in Paycheck Protection Program (PPP) funds from an SBA-approved lender between April 2020 and August 2022.
Lybolt owned and operated businesses in Indiana and filed for bankruptcy in that state. He later moved to Colorado and applied for loans on behalf of the bankrupt businesses.
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According to the United States Office District of Colorado, Lybolt fraudulently certified in loan applications that his businesses experienced financial losses due to the COVID-19 pandemic, according to the United States Attorney’s Office District of Colorado.
Once he received the money, Lybolt used the funds to buy a 2022 Porsche Taycan, a 2022 Chevrolet Corvette Stingray Convertible, a 2021 Ford Bronco, a 2016 Land Rover Range Rover, memberships in a country club and a luxury vacation club, and properties in Avon, Basalt, and Snowmass Village, Colorado.
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