Stoneboro man pleads guilty of falsifying $150K business loan from disaster assistance funds
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Martin Meade Kobsik, 42, obtained a $150,000 COVID-19 Disaster Assistance Loan from the Small Business Administration, falsely representing that he needed the money to maintain his business.
ERIE, Pa. – A resident of Stoneboro, Pennsylvania, pleaded guilty to one count of theft of government property in federal court on Friday.
According to the court report, Martin Meade Kobsik, 42, obtained a $150,000 COVID-19 Disaster Assistance Loan from the Small Business Administration, falsely representing that he needed the money to maintain his business.
Kobsik used the proceeds from the loan for personal expenses, including a vacation, and home improvements.
Kobsik is a Mercer County investment banker who was indicted by a federal grand jury on a charge of theft of government property in March of 2021.
Judge Susan Baxter scheduled sentencing for April 12 at 11 a.m.
Kobsik faces a maximum sentence of 10 years in prison, a fine of $250,000, or both.
Using the Federal Sentencing Guidelines, Judge Baxter will impose Kobsik’s sentence based on the seriousness of the offense and any prior criminal history.
Pending sentencing, the court continued Kobsik on bond.
Assistant United States Attorney Christian A. Trabold is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation and the Pennsylvania State Police conducted the investigation that led to the prosecution of Kobsik.
