Shabsels Faces PPP Fraud Lawsuit | Real Estate News

Real Estate News Today | 2 Min News | The Daily News Now! · Aug 26, 2026 · 1m

The Justice Department is suing Michael Shabsels over a $13 million fraud scheme involving COVID-era PPP loans, accusing him of hiding that his summer camps were all part of one corporate family, Simad Holdings — which should have capped his borrowing at $4 million. Prosecutors claim he funneled $17 million across nine separate bank loans to skirt limits, lying repeatedly to siphon funds from businesses that truly needed help. This civil case follows a whistleblower complaint and comes after a grand jury probe into Simad Holdings and its owners. The company filed for bankruptcy in June, with…