(COLORADO SPRINGS) — A former Colorado Springs man has been found guilty of defrauding the Paycheck Protection Program (PPP) of more than half a million dollars. On Monday, Sept. 23, the U.S. Attorney's Office for the District of Colorado announced that 67-year-old Charles Lacona, Jr., formerly of Colorado Springs, was found guilty by a federal jury on two counts of wire fraud and one count of money laundering related to fraudulent COVID-19 related funds he received through PPP. The trial established that between April 2020 and April 2021, Lacona devised and participated in a scheme to defraud a lender of $513,732.50 in PPP loans. The jury found that Lacona inflated payroll costs and gross receipts, made false statements and certifications, and submitted fabricated tax documents and payroll reports. According to the Attorney's Office, during the same period, Lacona unsuccessfully applied for additional emergency government assistance through the Economic Injury Disaster Loan (EIDL) program. Lacona used some of the fraudulently obtained funds to purchase a Cadillac CT6 for $67,704.13. "These federal programs were designed to help families and small businesses facing financial challenges during the COVID-19 pandemic," said Tom Demeo, Acting Special Agent in Charge, IRS Criminal Investigation Denver Field Office. "Through our partnership with the U.S. Attorney's Office, IRS Criminal Investigation will continue to aggressively pursue individuals who attempt to exploit federal relief programs for their personal benefit." Sentencing will be held at a later date, the U.S. Attorney's Office said.