San Francisco man pleads guilty to stealing over $340,000 in low-income housing funds
A San Francisco man admitted earlier this week to stealing over $340,000 in funds that were intended to aid low-income families, federal prosecutors said.
Gregory Finkelson, 64, pleaded guilty to one count of theft of government property in connection with his fraudulent receipt of hundreds of thousands of dollars in low-income housing benefits, the U.S. Attorney's Office for the Northern District of California said in a statement Thursday. His guilty plea was accepted by a federal judge Monday.
In his plea agreement, Finkelson admitted that between August 2006 and February 2020, he wrongfully claimed $341,455 in Section 8 program subsidies by lying about his income, his ownership of a San Francisco residence he purchased in 2005 that is now valued at approximately $2.4 million; and a business he ran out of his residence. The Section 8 Certificate Program is a rent subsidy program intended to help low- and moderate-income families afford housing.
Based on his plea deal, Finkelson fraudulently used the subsidies to fund his business, pay his credit card bills, and pay for a timeshare in Hawaii.
He also admitted that he used the name of a woman living in Russia to purchase his San Francisco home by wrongfully claiming that she was his landlord and that he paid rent to her. He opened several bank accounts, including in the Russian national's name, and used these accounts to hide his misuse of the subsidies.
A federal grand jury indicted Finkelson on July 25, 2023.
He agreed to pay at least $341,455 in restitution, which represents the total amount he admittedly stole from the government.
Federal prosecutors said he faces a statutory maximum prison term of 10 years. Finkelson may also be ordered to pay a fine of up to $250,000 and to serve a term of supervised release of up to three years.
Finkelson will be sentenced on Sept. 9.