A man has admitted in federal court in New Jersey that he participated in a scheme to fraudulently try to obtain nearly $7 million in Paycheck Protection Program loans.

Gregory Blotnick on Wednesday pleaded guilty to wire fraud and money laundering. Federal prosecutors say the 34-year-old submitted 21 fraudulent PPP loan applications to 13 lenders from April 2020 through March 2021. The forgivable loans were created to help small businesses during the COVID-19 pandemic.

Prosecutors say Blotnick falsified employment and income records and managed to obtain $4.6 million in funds. They say he transferred the money into brokerage accounts from which he placed more than approximately $3 million in losing stock trades.