A month after he was arrested on federal charges accusing him of filing fake applications for $ 3.8 million wage protection loans during the covid-19 pandemic, a man from Scott Township filed a new application for obtaining a loan for half a million dollars, investigators said.
Randy Fracinelli, 65, is now facing additional bank fraud charges and is being held in federal custody pending Thursday’s arrest hearing.
Frazinelli was originally arrested on 15 April. and is accused of fraudulently applying for five separate PPP loans.
In these filings, Frazinelli claimed to be the owner of four companies – Grant-Williams Associates, Grant-Williams Global, Grant-Williams International and Grant-Williams Associates Corp. – and that he needs money to pay for his employees.
However, federal investigators said he falsified loan applications and instead used the money to buy luxury and sports cars, gold bars, silver coins, jewelry and art.
Frasinelli was originally released on bail.
However, according to a new criminal lawsuit made public on Monday, Frazinelli filed a new claim for $ 525,000 on May 21.
In it, he claimed that Grant-Williams Global had 28 employees with an average monthly salary of $ 210,000.
As part of the application, Frazinelli submitted salary reports for alleged tax year 2020, which listed total salaries of $ 2.5 million.
However, the payroll company listed in the documents told investigators that it could not find any records for a customer with that name or with that tax identification number.
The FBI reported that Frazinelli also submitted a fake bank statement.
After the application was filed and then sent to the bank for underwriting and financing, the lender asked Frazinelli to take a selfie in which he would hold his driver’s license next to his face so that both of them could be clearly visible, the affidavit said.
According to the complaint, Fracinelli submitted a photo and then, on June 11, sent an email asking, “Have you received any feedback (from lenders) about our PPP loan application? Thank you for your help. “
On Frazinelli’s LinkedIn page, he identifies himself as the founder and global managing director of Grant-Williams Global Associates.
“Extensive experience and interest in global affairs and domestic political politics,” the message says. “Secret experience in technology consulting in the US and Europe. He is an active volunteer and member of the committees of numerous children’s charities, as well as a number of national and international non-profit organizations. The professional direction is aimed at recruiting top-level specialists within the framework of a dynamic corporate culture or the culture of a developing organization driven by technology. “
It also lists the Master of Science (MS) / Ph.D., Entreprenuial as education. [sic] Research / Global Strategic Research ”from Carnegie Mellon University in 2002-2003.
A CMU spokesman said there is no record of Frazinelli attending school there.