Florida man bought homes, boat, engagement ring with $2.6M PPP loan fraud scheme, DOJ says
A Florida man faces three decades in jail for a PPP loan scheme that netted him more than $2.6 million.
On Monday, Daniel Joseph Tisone, 35, pleaded guilty to wire fraud, bank fraud, illegal monetary transaction, and possession of ammunition by a convicted felon, according to the Department of Justice.
Between March 2020 and April 2021, Tisone submitted false documents to several loaners, including the Economic Injury Disaster Loan, the Main Street Lending Program and the Paycheck Protection Program. The Naples resident submitted applications containing false information regarding his criminal history, payroll, employees and gross revenue, the DOJ reported.
In addition to the false applications, he used people’s personal information, like date of birth, driver’s license numbers, and Social Security data, for fake payroll tax documents.
Tisone’s fraudulent usage enabled him to receive loans from the Small Business Administration, the Paycheck Protection Program, and other government entities to the tune of $2,617,447.17, the DOJ reported.
He used the money to buy homes in Naples, stocks, a boat, and a four-karat engagement ring.
On March 20, federal officials executed a search warrant at the convicted felon’s home, where they found more than 800 rounds of ammunition for various guns.
As part of the plea agreement, Tisone will forfeit everything he purchased with the loan money, including more than $65,000 taken from two bank accounts, according to the DOJ.
He’s facing a maximum penalty of 30 years in federal prison for each wire fraud and bank fraud account, up to 10 years for the illegal monetary transaction count and up to 10 for being a convicted felon in possession of ammunition.
