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In his LinkedIn profile, which is cited in the affidavits, Mr. Frasinelli described himself as a senior technology advisor to “leading technology companies globally working on the development and distribution of classified technology products. which are developed and sold to defense contractors and the Department of Defense in the United States, United Kingdom, Israel and other countries (friends) around the world.
In response to these loans, two banks gave Mr. Frasinelli a total of $ 2,545,082, according to the affidavits.
On February 4, law enforcement officials raided Mr. Frasinelli’s home on Lindsay Road, Carnegie, about eight miles west of downtown Pittsburgh, and seized four bank accounts he he was using for his loan applications.
Then on March 2, Mr. Frasinelli submitted another PPP loan, according to the affidavits. On March 13, this loan was approved and Mr. Frasinelli received $ 1,340,000.
On April 14, Mr. Frasinelli was arrested and charged with bank fraud and money laundering. He was subsequently released on bail. “One of the conditions of his bail was that he not commit any federal, state or local crime,” Constable Langford wrote in one of his affidavits.
While on bail on bank fraud charges on his five previous PPP loan applications, Frasinelli submitted a sixth loan application on May 21 asking for $ 525,000, which federal investigators have learned about a month later, while researching open source data on the small business. Administration website, according to most recent affidavit. A Small Business Administration agent confirmed that the loan had been provisionally approved, according to the affidavit.
On Monday, Mr Frasinelli was arrested again and charged with another count of bank fraud. The maximum penalty for a conviction for bank fraud is 30 years in prison and a $ 1 million fine, according to the US attorney’s office. The maximum penalty for money laundering is five years in prison and a fine of $ 250,000, prosecutors said.
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