Man Awaiting Trial for Covid-19 Bank Fraud Does It Again, Authorities Say

In his LinkedIn profile, which is cited in the affidavits, Mr. Frasinelli described himself as a high-level technology adviser for “advan...


In his LinkedIn profile, which is cited in the affidavits, Mr. Frasinelli described himself as a high-level technology adviser for “advanced technology companies on a global basis working on the development and release of classified technology products that are developed and sold to major defense contractors and defense department in the US, UK, Israel and other (friendly) countries across the globe.”

In response to those loans, two banks gave Mr. Frasinelli a total of $2,545,082, according to the affidavits.

On Feb. 4, law enforcement officials searched Mr. Frasinelli’s home on Lindsay Road, in Carnegie, about eight miles west of downtown Pittsburgh, and seized four bank accounts he used on his loan applications.

Then, on March 2, Mr. Frasinelli submitted another P.P.P. loan, according to the affidavits. On March 13, that loan was approved and Mr. Frasinelli received $1,340,000.

On April 14, Mr. Frasinelli was arrested and charged with bank fraud and money laundering. Afterward he was released on bond. “One condition of his bond was that he not commit any federal, state, or local crimes,” Agent Langford wrote in one of his affidavits.

While out on bond on bank fraud charges over his five prior P.P.P. loan applications, Mr. Frasinelli submitted a sixth loan application, on May 21, seeking $525,000, which federal investigators learned about a month later, while searching open source data on the Small Business Administration website, according to the most recent affidavit. An agent for the Small Business Administration confirmed that the loan was tentatively approved, according to the affidavit.

On Monday, Mr. Frasinelli was arrested, again, and charged with another count of bank fraud. The maximum penalty for a bank fraud conviction is 30 years in prison and a $1 million fine, according to the U.S. attorney’s office. The maximum penalty for money laundering is five years in prison and a $250,000 fine, prosecutors said.

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Newsrust - US Top News: Man Awaiting Trial for Covid-19 Bank Fraud Does It Again, Authorities Say
Man Awaiting Trial for Covid-19 Bank Fraud Does It Again, Authorities Say
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