"Carmine Agnello, 39, of Smithtown, New York, must also pay $1,268,302 in restitution to the SBA, serve two years of supervised release following his release from prison, and complete 100 hours of community service."
"Between April 2020 and November 2021, he submitted at least three fraudulent applications for Economic Injury Disaster Loans through the SBA's CARES Act program, which provided low-interest emergency financing to small businesses hurt by the pandemic."
"To obtain the funds, Agnello misrepresented the number of employees at Crown, falsely described how the loan proceeds would be used, and claimed he had no criminal record."
Carmine Agnello, grandson of John Gotti, was sentenced to 15 months in federal prison for defrauding the SBA of $1.1 million in COVID-19 relief loans. He diverted approximately $420,000 into a cryptocurrency business. Agnello submitted fraudulent applications for Economic Injury Disaster Loans, misrepresenting employee numbers and loan usage. He must pay $1,268,302 in restitution, serve two years of supervised release, and complete 100 hours of community service. The sentence was below federal guidelines, which suggested 31 to 44 months.
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