Gambino Descendant Sentenced for COVID Loan Fraud Involving Crypto
- Carmine Agnello, grandson of John Gotti, received a federal prison sentence of 15 months on April 20, 2026.
- Agnello diverted approximately $420,000 of the $1.1 million in fraudulent SBA EIDL funds into a cryptocurrency business.
- He must pay $1,268,302 in restitution and serve two years of supervised release post-prison.
- U.S. Attorney Joseph Nocella Jr. emphasized ongoing prosecution of COVID-19 relief fraud cases.
- Agnello pleaded guilty to one count of wire fraud on September 26, 2024.
Carmine Agnello was sentenced for misusing COVID-19 relief funds by investing them into a cryptocurrency business rather than supporting his company’s operations as intended by the SBA’s CARES Act program.
The case highlights continued efforts to prosecute misuse of pandemic relief funds as Agnello’s actions resulted in significant financial penalties and prison time despite his personal circumstances being considered at sentencing.(Source)
