In a case that was investigated in part by the Storm Lake Police Department, a former Algona meatpacking plant worker who obtained fraudulent Paycheck Protection loans and recruited others into the scheme was convicted Thursday following a four-day trial in Sioux City Federal Court, and now faces the possibility of life in prison.
48-year-old Yovany Ciero was convicted of three counts of wire fraud, 23 counts of money laundering, one count of engaging in a monetary transaction in property derived from a specified unlawful activity, and one count of money laundering conspiracy.
Evidence showed that Ciero is a former Sergeant in the Cuban military who crossed the Mexican border nearly 20 years ago after his request for a visa to enter the U.S. Was denied. In 2020, Ciero was working at an Algona meatpacking plant when the COVID pandemic began. Beginning in July of 2020, Ciero and over one hundred other immigrants from Cuba, obtained fraudulent Paycheck Protection Program loans on the false and fraudulent pretenses that they were self-employed business people who earned approximately 100 thousand dollars in gross income in 2019 when they actually worked at the meatpacking plant or elsewhere. Ciero was one of six “bundlers” in the fraudulent PPP loan scheme. Once the individuals received the fraudulent funds, Ciero served as a “funnel” in a money laundering conspiracy. Ciero collected fees that the organizers of the scheme charged applicants, typically three thousand per 20 thousand dollar fraudulent loan. Over four million dollars in fraudulent loan PPP applications were submitted, and the government lost over 2.4 million as a result.
Ciero is the 6th former Iowa meatpacking plant worker convicted in the scheme. Sentencing will be set after a presentence report is prepared. Ciero remains free on bond pending sentencing. In addition to a possible maximum sentence of life in prison, he faces over ten million dollars in fines, and three years of supervised release following any imprisonment.