John Gotti’s grandson sentenced for $1.1 million Covid relief fraud involving crypto
- Carmine Agnello was sentenced to 15 months in prison for defrauding the U.S. government out of $1.1 million in Covid relief funds.
- Agnello misused funds obtained from the Small Business Administration (SBA) for personal investments, including approximately $420,000 in a cryptocurrency business.
- The fraudulent activity occurred between April 2020 and November 2021, during which he submitted false information about his business operations.
- Fraud against Covid-related relief funds is significant, with estimates indicating that up to $135 billion, or 15%, of total funds were lost to scams.
- Other cases include Bruce Choi, who fraudulently obtained $2 million and used it to buy cryptocurrency via Kraken.
Agnello’s case highlights ongoing issues with fraud related to government assistance programs during the pandemic, particularly involving cryptocurrency investments. The U.S. Attorney’s office emphasized the need for accountability in these fraudulent schemes.
Agnello’s misuse of $1.1 million in Covid relief funds illustrates a broader trend of fraud affecting these programs, contributing to an estimated loss of $135 billion overall.(Source)
