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Man Awaiting Trial for Covid-19 Bank Fraud Does It Again, Authorities Say
24 Jun 2021

A Pennsylvania man who was awaiting trial on charges that he fraudulently received more than $3.8 million in Paycheck Protection Program loans filed an application last month seeking an additional $500,000 in Covid-19 relief money, the authorities said.

In February, federal authorities seized four of the man’s bank accounts where most of the money had been deposited, saying the loan applications were fraudulent. In March, the man submitted a fifth application for a P.P.P. loan, intended to help struggling businesses during the pandemic, and received more than $1.3 million. In April, he was arrested and charged with bank fraud and money laundering.

While he was out on bond, federal officials said, he submitted a sixth loan application.

On Monday, the man, Randy A. Frasinelli, 65, of Carnegie, Pa., was arrested again and charged with another count of bank fraud.

As the coronavirus disrupted the global economy, officials raced to send billions of dollars to businesses on the verge of collapsing, hoping to keep them and their employees afloat. Some saw that as an opportunity to enrich themselves by seeking loans for businesses that did not exist.

By Azi Paybarah, The New York Times, 23 June 2021

Read more at The New York Times

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