Oleg Gregorvich Fursov convicted in $1M Elk Grove COVID loan fraud
An Elk Grove man, Oleg Gregorvich Fursov, was convicted of wire fraud after misusing a $1 million COVID relief loan to gamble, officials said.
Oleg Gregorvich Fursov was convicted in Elk Grove of wire fraud involving emergency pandemic funding, officials announced Wednesday. The verdict follows federal findings that he misused emergency funds meant to help struggling businesses.
According to the U.S. Attorney’s Office for the Eastern District of California, the 52-year-old applied for a $1 million Economic Injury Disaster Loan in January 2022. He falsely certified that the money would serve business purposes, officials said.
Fursov gambled more than $442,000 at casinos instead, according to officials. He also paid a $100,000 kickback to an assistant.
Officials said the Elk Grove resident had already received and gambled other pandemic relief funds. Those earlier funds included a $150,000 disaster loan and a Paycheck Protection Program loan.
Federal disaster loans provide financial support to businesses during emergencies. Wire fraud convictions carry federal prison terms and fines determined by the court.
Fursov is set for sentencing in the California federal court on Jan. 14, 2027. He faces up to 20 years in prison and a $250,000 fine.
