Sycamore business owner convicted in CARES Act loan fraud
VALDOSTA, Ga. (WALB) — A man convicted of money laundering related to Paycheck Protection Program (PPP) loans under the CARES Act has been sentenced, according to the U.S. Attorney’s Office for the Central District. from Georgia.
Anthony Boncimino, 47, was sentenced to 36 months in prison and three years of probation. He was also ordered to pay over $800,000 in restitution.
“The restitution ordered is in addition to $507,556.23 in loan funds seized from Boncimino’s bank accounts by the government during the investigation. Boncimino also repaid more than $1.3 million on two of the loans illegally obtained before sentencing. Boncimino previously pleaded guilty to one count of money laundering,” the U.S. Attorney’s Office said in a statement.
“The U.S. Attorney’s Office is pursuing federal prosecutions against those who deliberately misled programs available to small businesses and citizens struggling to stay on their feet during the global pandemic,” U.S. Attorney Peter Leary said. “Protecting honorable and hardworking people from fraudsters is a priority for our office and our law enforcement partners.”
According to court documents, Boncimino admitted to knowingly creating two shell companies for the purpose of fraudulently obtaining PPP loans and obtaining PPP loans for his moving company by falsifying payroll information.
In total, Boncimino raised $2,671,871.74 in four PPP loans from three lending banks using fraud. Boncimino created fake IRS forms for his shell companies and submitted these and other fraudulent documents to lending banks and the SBA.
Boncimino used the money to pay state and federal taxes; he told investigators he wanted a safety net for his family and his moving company.
Copyright 2022 WALB. All rights reserved.