Local man pleads guilty in $3.8 million fraud on Payroll Protection Program
A Scott Township man pleaded guilty in federal court to bank fraud and money laundering charges, United States Attorney Cindy K. Chung announced Tuesday.
In a release from the United States Department of Justice, 66-year-old Randy Frasinelli filed at least six fraudulent applications for loans under the Paycheck Protection Program and received more than $3.8 million.
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Officials told the court that instead of using that money for things authorized under the PPP, like payroll, rent and utilities, Frasinelli used the money to fund investment accounts and buy for himself and his family luxury items. Those items included cars, art pieces, precious metals, firearms and a villa in Mexico.
Frasinelli pleaded guilty in court to two counts.
Frasinelli’s sentencing is scheduled for December 20, 2022. According to the United States Department of Justice, the law provides for a total sentence of 30 years in prison, five years of supervised release or both.
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