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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. ....

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