Two former staffing executives pleaded guilty on Feb. 15 in a scheme to defraud a bank and investors, the US Department of Justice reported. The scheme caused more than $70 million in losses.

Louis Lluberes, 61, of Windermere, Florida, and Moises Lluberes, 60, of Winter Grove, Florida, each pleaded guilty to one count of conspiracy to commit bank fraud and one count of conspiracy to commit wire fraud, according to the department. Each count carries a maximum of five years in prison.

Both defendants, who are brothers, agreed to pay $75.5 million in restitution, the department said. In addition, Louis Lluberes was ordered to forfeit $74.5 million, and Moises Lluberes was ordered to forfeit nearly $1.1 million.

“For many years, the defendants perpetrated a massive accounting fraud scheme in order to deceive their lenders and investors,” US Attorney Damian Williams said in a press release. “In addition to causing more than $70 million in losses to victims, the defendants’ fraud jeopardized the livelihoods of hundreds of their employees.”

SIA has reached out to the Lluberes’ attorneys for more information.

Louis Lluberes founded the staffing company in 1995 and served as its CEO. Moises Lluberes served as CFO.

The brothers used fictitious receivables in order to borrow more than $500 million from a bank through a revolving line of credit, according to the department. The brothers’ company would have otherwise been unable to borrow the funds. They had begun creating fraudulent invoices in 2017 after losing significant business from major clients, according to the department.

Louis Lluberes later sold the company in May 2018, knowing the value of the firm was grossly inflated, according to the department. Louis Lluberes made at least $17.5 million from the sale of the company and he transferred approximately $716,000 of those funds to Moises Lluberes.

The Justice Department did not name the staffing firm or bank.