Date: August 16, 2022 Contact: newsroom@ci.irs.gov Pittsburgh, PA — A suburban Pittsburgh resident pleaded guilty in federal court to charges of bank fraud and money laundering, United States Attorney Cindy K. Chung announced today. Randy Frasinelli, of Scott Township, Pennsylvania, pleaded guilty to two counts before United States District Judge W. Scott Hardy. In connection with the guilty plea, the court was advised that Frasinelli filed at least six fraudulent applications for loans under the Paycheck Protection Program and received more than $3.8 million. Instead of using the money for payroll, rent, utilities, or the other purposes authorized under the PPP, Frasinelli used the money to fund individual investment accounts and purchase luxury items for himself and his family, including vehicles, works of art, precious metals, firearms, and a villa in Mexico. Judge Hardy scheduled sentencing for December 20, 2022. The law provides for a total sentence of 30 years in prison, five years of supervised release, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant. Assistant United States Attorney Jeffrey R. Bengel is prosecuting this case on behalf of the government. The Internal Revenue Service-Criminal Investigation and Federal Bureau of Investigation conducted the investigation that led to the prosecution of Randy Frasinelli.
