Yesterday, at the Palais de Justice Federal de Central Islip, Carmine G. Agnello pleaded guilty of fraud per thread as part of its reception of approximately $ 1.1 million in small businesses as part of the Economic Presolors Program of the Small Business Company (EIDLP). The procedure took place before the American district judge Nusrat J. Choudhury. When convicted, Agnello risks up to 30 years in prison, as well as restitution totaling more than $ 940,000 and a fine of up to $ 2.2 million.
“The defendant shamefully used public health and the economic crisis of the COVVI-19 pandemic as an opportunity to line his pockets with stolen funds,” said the United States lawyer Peace. “The reality is that those who have engaged in the blatant flight of dollars of taxpayers intended to help legitimate companies and their employees during the Pandemic of COVID-19 should know that despite time, there is no free pass for their crimes and they will be vigorously prosecuted by the office.”
“Agnello would have used more than a million dollars in Covid rescue funds for his own financial gain. Government money that was intended to help companies in difficulty during the COVVI-19 pandemic. responsible.
The Congress created the EIDLP as part of the AID, Relief and Economic Security (Cares) coronavirus law. Promulgated on March 29, 2020, the Cares Act provided emergency financial assistance in relation to the economic effects of the COVVI-19 pandemic. A source of rescue provided by Cares Act was EIDLP, which provided low interest funding for small businesses, tenants and owners in the regions affected by declared disasters.
As indicated in legal files, between April 2020 and November 2021, in the middle of the Pandemic COVID-19, Agnello has fraudulently postulated and received, at least three EIDLP loans totaling approximately 1.1 million dollars which he submitted in favor of Crown Auto Parts & Recycling, LLC (Crown), a company based on ever, operated. In the context of the regime, Agnello submitted documents to Small Business Administration and the financial institution responsible for the disbursement of funds, which falsely stated that he had no criminal record when in reality, he had been convicted of 2018. Agnello also submitted false information on the number of employees who worked for Crown and the expected use of the loan product. Instead of using the funds for help in the event of a disaster, Agnello diverted them for its personal use, including by investing about $ 420,000 in a cryptocurrency company.
The government’s case is treated by the criminal section of the Long Island division of the Bureau. The deputy prosecutor of the United States Bradley T. King is in charge of the accusation.
