Irvine Man Pleads Guilty to COVID-19 Relief Loan Fraud

An Orange County man accused of fraudulently obtaining more than $5 million in COVID-19 relief loans for three sham companies but who used the money to purchase a home in Malibu among other personal expenses pleaded guilty Tuesday to federal criminal charges.

Reddy Budamala, 35, of Irvine, entered his plea in downtown Los Angeles to one count each of bank fraud and money laundering, which carry a total sentence of up to 40 years behind bars, according to the U.S. Attorney’s Office.

Sentencing was scheduled for Sept. 26.

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