Source: Office of United States Attorneys
A former Algona, Iowa, meatpacking plant worker who obtained fraudulent Paycheck Protection Program loans and recruited others into the scheme was convicted by a jury on May 8, 2025, after a four-day trial in federal court in Sioux City.
Yovany Ciero, age 48, from Mason City, Iowa, formerly of Cuba, Colombia, and Venezuela, was convicted of three counts of wire fraud, 23 counts of money laundering, one count of engaging in a monetary transaction in property derived from a specified unlawful activity, and one count of money laundering conspiracy. The verdict was returned following about three and a half hours of jury deliberations.
The evidence at trial showed that Ciero is a former Sergeant in the Cuban military who crossed the Mexican border nearly twenty years ago after his request for a visa to enter the United States was denied. In 2020, Ciero was working at an Algona meatpacking plant when the COVID-19 pandemic began. Beginning in July 2020, Ciero, and over one hundred other immigrants from Cuba, obtained fraudulent Paycheck Protection Program (PPP) loans on the false and fraudulent pretenses that they were self-employed businesspeople who earned approximately $100,000 in gross income in 2019 when they actually worked at the meatpacking plant or elsewhere in 2019.
Ciero was one of six “bundlers” in the fraudulent PPP loan scheme. Ciero’s role was to recruit individuals into the scheme, obtain their personal identifying information for the fraudulent loan applications, and then pass that information to others who submitted the fraudulent loan applications to lenders who were participating in the PPP. The evidence established that over $4 million in fraudulent loan PPP applications were submitted, and the government lost over $2.4 million as a result.
Once the individuals received their fraudulent PPP loan funds, typically $20,000 each, Ciero served as a “funnel” in a money laundering conspiracy. Ciero collected fees that the organizers of the scheme charged the applicants, typically $3,000 per $20,000 fraudulent loan.
Ciero also obtained two fraudulent PPP loans for himself and his paramour. Ciero used most of this PPP loan money to purchase a semi-truck. Ciero is the sixth former Iowa meatpacking plant worker convicted in the PPP scheme.
Sentencing before United States District Court Judge Leonard T. Strand will be set after a presentence report is prepared. Ciero remains free on bond pending sentencing. Ciero faces a possible maximum sentence of life imprisonment, over $10,000,000 in fines, and three years of supervised release following any imprisonment.
The case is being prosecuted by Assistant United States Attorneys Timothy L. Vavricek and Daniel A. Chatham and was investigated by the Small Business Administration – Office of Inspector General, the Federal Deposit Insurance Corporation – Office of Inspector General, Homeland Security Investigations, the Federal Bureau of Investigation, and the Storm Lake Police Department.
Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.
The case file number is 24-CR-3013.
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