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A Scott man who fraudulently obtained federal covid-19 relief loans and used the money to buy luxury vehicles and artwork and pay college tuition pleaded guilty Tuesday to bank fraud and money laundering. Randy Frasinelli, 66, will be sentenced on Dec. 20 by U.S. District Judge W. Scott Hardy. According ....
He bought a Ford Mustang, two Mercedes SUVs, a BMW, a Land Rover and Porsche. He bought gold bars and silver coins, jewelry, art and firearms. He gave money to his family. He paid their college tuition. All of that, the FBI said, after Randy Frasinelli fraudulently applied for and received $3.8 million in federal Paycheck Protection Program loans money earmarked by the federal government to help small businesses continue paying their employees during the covid-19 pandemic. On Thursday, Frasinelli, 64, of Scott, was arrested and charged by criminal complaint with bank fraud and money laundering. He was released on bond. Reached by phone Thursday afternoon, Frasinelli said he had no comment. ....