Placer County Man Pleads Guilty to Stealing Nearly $1.5 million in COVID-Relief Loans to Fund Lavish Lifestyle

Jedrek Upton, 45, of Lincoln, pleaded guilty to one count of wire fraud and one count of money laundering, U.S. Attorney Eric Grant announced.

According to court documents, between January 2021 and May 2022, Upton repeatedly lied on applications for COVID-19 disaster relief funds that he submitted on behalf of his businesses. The misrepresentations included false statements regarding the number of employees or payroll and that he would spend the money to alleviate economic injury caused by COVID-19. In support of these applications, Upton also submitted falsified IRS documents.

In reality, some of the businesses had no employees or payroll, and Upton spent much of the money received on personal expenses. Upton received nearly $1.5 million in ill-gotten loans from the United States, a large portion of which was ultimately forgiven after Upton falsely claimed that he had spent it on payroll. Instead of legitimate business expenses, the money that Upton received allowed him to fund a lavish lifestyle. He paid off personal credit cards, transferred money to other people, leased a Ferrari and a Lamborghini, and made a large down payment on a $2.7 million, 10-acre property.

In addition to pleading guilty, Upton agreed to forfeit his interest in the property he purchased and pay nearly $1.5 million in restitution to the United States.

This case is the product of an investigation by the IRS Criminal Investigation. Assistant U.S. Attorney Dhruv M. Sharma is prosecuting the case.

Upton is scheduled to be sentenced by Senior U.S. District Judge John A. Mendez on March 24, 2026. Upton faces a maximum statutory penalty of 20 years in prison and a $250,000 fine on the wire fraud count, and 10 years in prison and a $250,000 fine on the money laundering count. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the federal Sentencing Guidelines, which take into account a number of variables.