PITTSBURGH, Pa. (WKBN) – A Pennsylvania man pleaded guilty in federal court to charges of bank fraud and money laundering on Tuesday.
According to United States Attorney Cindy K. Chung, Randy Frasinelli, age 66, of Scott Township, Pennsylvania, pleaded guilty to two counts before United States District Judge W. Scott Hardy.
According to a news release, in connection with the guilty plea, the court was advised that Frasinelli filed at least six fraudulent applications for loans under the Paycheck Protection Program and received more than
$3.8 million, which he used to fund individual investment accounts and purchase luxury items for himself and his family, including vehicles, works of art, precious metals, firearms, and a villa in Mexico.
Under the law, Frasinelli could be sentenced to 30 years in prison, five years of supervised release, or both. His sentencing is scheduled for December 20, 2022.
Assistant United States Attorney Jeffrey R. Bengel is prosecuting this case, while the FBI and Internal Revenue Service-Criminal Investigation conducted the investigation.