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American mafia boss John Gotti's family members sentenced for cryptocurrency-related fraud
Odaily Star Daily reports that the U.S. Department of Justice disclosed that mob boss John Gotti’s grandson, Carmine Agnello, was sentenced to 15 months in prison for defrauding approximately $1.1 million in COVID relief funds and putting part of the funds into cryptocurrency-related businesses.
Prosecutors said that between April 2020 and November 2021, Agnello obtained multiple relief loans from the U.S. Small Business Administration (SBA) through false filings, claiming they would be used to operate his auto parts and recycling business, but in reality he diverted the funds for personal use, including about $420,000 invested in crypto-related investments.
The Office of the U.S. Attorney for the Eastern District of New York said the conduct occurred during the peak of the pandemic and involved a serious abuse of government assistance funds. Agnello is expected to begin serving his sentence on July 1.
In addition, official data shows that COVID relief fund fraud is a serious issue in the U.S., with the U.S. Government Accountability Office (GAO) estimating that approximately $135 billion (about 15% of the total) flowed into scam activities. (CoinDesk)