Scott Township man pleads guilty to stealing nearly $4 million in PPP loans
SCOTT TOWNSHIP (KDKA) - A Scott Township man pleaded guilty in federal court on Tuesday to charges of bank fraud and money laundering.
The 66-year-old Randy Frasinelli was accused of stealing more than $3.8 million from the Paycheck Protection Program during the pandemic.
Federal investigators said he filed at least six fraudulent applications for PPP loans.
Instead of using the money for payroll, rent, utilities, or other needs to help businesses survive during the early shutdowns.
Frasinelli used the millions of dollars to buy luxury items for himself and his family, including Mercedes SUVs, a BMW, a Porsche, gold bars, jewelry, artwork, and a villa in Mexico.
He will be sentenced on December 20 and faces up to 30 years in prison.
