On his LinkedIn profile, which is cited in the affidavit, Mr. Frazinelli described himself as a high-level technology consultant for “cutting edge technology companies globally, working to develop and release classified technology products that are developed and sold to large companies. contractors and ministries of defense of the US, UK, Israel and other (friendly) countries around the world. “
According to affidavits, in response to these loans, the two banks gave Mr Frazinelli a total of $ 2,545,082.
On February 4, law enforcement officials ransacked Mr. Frazinelli’s home on Lindsay Road, Carnegie, about eight miles west of downtown Pittsburgh, and seized four bank accounts that he used in his loan applications.
Then, on March 2, Mr. Frazinelli presented another PPP loan, according to his affidavit. On March 13, the loan was approved and Mr. Frazinelli received $ 1,340,000.
On April 14, Mr. Frazinelli was arrested on charges of bank fraud and money laundering. He was subsequently released on bail. “One of the conditions of his bail was that he did not commit any federal, state or local crime,” Agent Langford wrote in one of his affidavits.
Bailed on bank fraud charges over his five previous PPP loan applications, Mr Frazinelli filed his sixth loan application on May 21, demanding $ 525,000, which federal investigators learned a month later by reviewing open source data on small business Administration website, according to the latest affidavit. The Small Business Administration agent confirmed that the loan was pre-approved, according to the affidavit.
On Monday, Mr. Frazinelli was arrested again on bank fraud charges. According to a statement from the US Attorney’s Office, the maximum sentence for a bank fraud charge is 30 years in prison and a $ 1 million fine. According to the prosecutor’s office, the maximum penalty for money laundering is five years in prison and a $ 250,000 fine.