- 1Saul Shalev was extradited from Spain on Jan. 23, 2026 and faces a nine-count indictment.
- 2Prosecutors say he defrauded more than 20 SMBs between Dec. 2019 and Nov. 2022.
- 3The indictment was returned under seal in August and unsealed in October.
Saul Shalev, a primary suspect in a years-long fraud targeting small business finance, has been extradited to the United States. Arrested in Spain after eluding authorities for years, he arrived on Jan. 23, 2026 and appeared before a US Magistrate Judge. He faces a nine-count indictment.
The allegations
Prosecutors say that from about December 2019 to November 2022, Shalev defrauded more than 20 small and medium-sized businesses. The indictment was returned under seal in August and unsealed in October.
The alleged method worked like this:
- Shalev obtained information about commercial loans the businesses already held.
- He offered to refinance those loans or arrange additional financing, from the original lender or a new one.
- Using stolen identities and false representations, he acted as a broker between the businesses and potential lenders.
- Once new or added financing was secured, he sent the business fraudulent payoff instructions for the earlier loan, so that all or part of the proceeds went to an account he controlled.
- He also collected a commission from the lender.
Background
The industry has followed the case for some time. An earlier explainer on the fraud was followed by coverage of the indictment. The Justice Department's official announcement has the formal charges.
Source reporting: deBanked.
