* Greg Blotnick received fraudulent PPP loans for startup fund
* Defense lawyer said Blotnick took responsibility for actions
June 8, 2022, 1:33 AM GMT+2*CorrectedJune 8, 2022, 2:01 AM GMT+2,* By [Chris Dolmetsch]( https://www.bloomberg.com/authors/ADU10-W-Wsg/chris-dolmetsch)
A former analyst at [Citadel LLC]( https://www.bloomberg.com/quote/578298Z:US) was ordered to spend more than four years in federal prison for scamming $4.6 million in Covid relief loans for his startup hedge fund, most of which he lost in the market.
Gregory Blotnick, 35, was sentenced on Tuesday to 51 months behind bars by a federal judge in Newark, New Jersey, and ordered to pay $4.6 million in restitution. He pleaded guilty in October to submitting 21 fraudulent loan applications to 13 lenders under the Paycheck Protection Program of the March 2020 covid stimulus bill.