PORTLAND, Ore.—A Portland man pleaded guilty today for perpetrating a scheme to steal funds intended to help small businesses during the COVID-19 pandemic.

Benjamin Tifekchian, 47, pleaded guilty to bank fraud.

According to court documents, in May 2019, Tifekchian incorporated Bencho Jewelry Inc. (Bencho) in the State of Oregon and served as the company’s sole owner and officer. Bencho never had any employees and never generated more than $500 in revenue in any calendar year.

After Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 to provide emergency financial assistance to millions of Americans suffering the economic effects caused by the COVID-19 pandemic, Tifekchian devised and perpetrated a scheme to defraud the Small Business Administration (SBA) by fraudulently applying for CARES Act-authorized Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans on behalf of Bencho.

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