A federal grand jury has indicted a Sioux Falls man for Wire Fraud and Money Laundering.
Fifty-seven-year-old Richard Kamolvathin has pleaded not guilty to the charges.
It’s alleged Kamolvathin fraudulently submitted two applications to the South Dakota Bureau of Finance and Management for Small Business Start-Up Grants for his business, Zolvent Pro, LLC.
According to investigators, the grant applications and supporting documentation contained false statements. Kamolvathin received two grants totaling nearly $364,000. Kamolvathin then reportedly used the funds for his own purposes, including the purchase of a $27,000 watch.
The maximum penalty upon conviction is up to 20 years in federal prison and/or a $250,000 fine. Restitution may also be ordered.
Kamolvathin is free on bond with a trail date set for February 20th.
September 29, 2023